Central Garden & Pet Announces Appointment of Lead Independent Director, Beth Springer, as Interim Chief Executive Officer
20 Septembre 2023 - 10:30PM
Business Wire
Current CEO Tim Cofer Departing to Join Keurig
Dr Pepper, Initially as COO, and Will Assume the CEO Role in Q2
2024
Central Reaffirms Expectations for Fiscal 2023
Non-GAAP EPS of $2.55 or Better
Central Garden & Pet Company (“Central”) (NASDAQ: CENT)
(NASDAQ: CENTA), a market leader in the Pet and Garden industries,
today announced that Tim Cofer, Chief Executive Officer since
October 2019, has informed the Board of his intent to depart
Central, effective as of the close of business on October 6, 2023.
Mr. Cofer will join Keurig Dr Pepper, initially as Chief Operating
Officer, and will assume the role of Chief Executive Officer in the
second quarter of 2024. Beth Springer, Central’s Lead Independent
Director, has been named as Interim Chief Executive Officer while
the Board conducts a comprehensive search for a permanent
successor.
“Tim has had a significant and positive impact on Central over
the last four years. During his tenure, he established clear
strategic direction and successfully navigated the pandemic,
delivering record results during a challenging and volatile
economic environment. He is a strong leader, and I’m sorry to see
him go,” said Bill Brown, Chairman of Central Garden & Pet. “At
the same time, the Board and I believe we have positioned Central
for profitable long-term growth in the foreseeable future thanks to
the Central to Home strategy and other recent initiatives. I thank
Tim for his many contributions to the Company and wish him success
in his new position.”
“I have enjoyed a strong and close partnership with Bill since
joining Central in 2019 and am proud of all we accomplished
together through a challenging environment,” said Cofer. “I am
convinced that our Central to Home strategy and our ongoing cost
and simplicity program will yield positive benefits well into the
future. While I am confident that Central will continue to grow and
succeed, the opportunity presented to me to lead Keurig Dr Pepper
is compelling and exciting, and it is the right next step for me. I
am committed to ensuring the smoothest possible transition, and I
wish all of the team at Central well.”
Springer has served on the Central Board since 2013 and brings
extensive experience in management, operations and consumer
products. She spent over 20 years with The Clorox Company, serving
in multiple management roles including Executive Vice President and
General Manager of The Clorox Company. Springer also serves as an
independent director of Amy’s Kitchen, a privately held organic
food company, and previously served as an independent director of
Nature’s Sunshine Products, Inc., a publicly traded natural health
and wellness company.
The Company reaffirmed expectations for fiscal 2023 non-GAAP EPS
of $2.55 or better.
About Central Garden & Pet
Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA)
understands that home is central to life and has proudly nurtured
happy and healthy homes for over 40 years. With fiscal 2022 net
sales of $3.3 billion, Central is on a mission to lead the future
of the Pet and Garden industries. The Company’s innovative and
trusted products are dedicated to helping lawns grow greener,
gardens bloom bigger, pets live healthier and communities grow
stronger. Central is home to a leading portfolio of more than 65
high-quality brands including Amdro®, Aqueon®, Cadet®, Farnam®,
Ferry-Morse®, Four Paws®, Kaytee®, K&H®, Nylabone® and
Pennington®, strong manufacturing and distribution capabilities and
a passionate, entrepreneurial growth culture. Central is based in
Walnut Creek, California and has over 7,000 employees across North
America and Europe. Visit www.central.com to learn more.
Safe Harbor Statement
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this release which
are not historical facts, including statements concerning
expectations for profitable long-term growth in the foreseeable
future, the long-term benefits of our Central to Home strategy and
our ongoing cost and simplicity program, and earnings guidance for
fiscal 2023, are forward-looking statements that are subject to
risks and uncertainties that could cause actual results to differ
materially from those set forth in or implied by forward-looking
statements. All forward-looking statements are based upon our
current expectations and various assumptions. There are a number of
risks and uncertainties that could cause our actual results to
differ materially from the forward-looking statements contained in
this release. Please refer to our filings with the Securities and
Exchange Commission for further detail.
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version on businesswire.com: https://www.businesswire.com/news/home/20230920644071/en/
Investor Relations Contact: Friederike Edelmann VP,
Investor Relations & Corporate Sustainability (925) 412-6726
fedelmann@central.com
Media Contact: Liz Nunan (925) 878-9465
lnunan@central.com
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