Today, American Vanguard reported that its Chairman and Chief Executive Officer, Eric G. Wintemute, concluded his position as CEO, effective July 12, 2024. The terms of his departure are outlined in the Transition Agreement dated July 3, 2024. Going forward, Mr. Wintemute will continue to serve as Chairman of the Board and will provide consulting services to the company on a part-time basis, if needed.
Speaking on behalf of the company’s Board of Directors, Lead Director Scott Baskin stated, “In light of our recent performance, it is necessary to move more boldly and urgently to improve financial performance and transform the company. To that end, we are establishing an Office of CEO (OCEO) to be operated by CFO David Johnson (17 years at the company), SVPHR Shirin Khosravi (25+ years in HR management and design), CIO/General Counsel Timothy Donnelly (19 years at the company), and board member Mark Bassett, PhD. Dr. Bassett has run multiple large, global businesses at Dow, was the Chairman and CEO at Hemlock Semiconductor, and is the architect of our transformation plan.”
Mr. Baskin continued, “The OCEO will focus on two main areas: significantly improving strategy execution to drive better earnings and cash flow for the remainder of the year, and accelerating the company-wide transformation. This transformation will lead to better data systems, a simpler, more customer-focused organization, improved market participation strategies, and more efficient operations. These measures will support our commitment to supplying exceptional products to our customers and providing greater value to our shareholders.”
Mr. Baskin concluded, “The OCEO comprises decades-long experience in all areas needed to drive positive change, including cash and working capital management, human capital and organizational design, P&L management, and the transformation of business and digital platforms. All other functions will report to the OCEO during our search for a successor CEO, with Mr. Donnelly serving as Acting CEO for financial disclosures. The OCEO has been given full authority to expedite measures aimed at increasing profitability with the assistance of our global business consultant Kearney. The OCEO will report to the Board on progress, direction, and initiatives, and we will update investors on these matters in greater detail during our next earnings call in early August
