American Vanguard Corporation (NYSE: AVD) has announced that its Chairman and Chief Executive Officer, Eric G. Wintemute, plans to retire from his position as CEO. Under a Transition Agreement, Mr. Wintemute will assist in the search for his successor, conducted by the global executive search firm Kincannon & Reed, and will retire upon the successor’s appointment, but no later than December 31, 2024. Post-retirement, he will continue as Chairman of the Board and provide consulting services on a part-time basis. Mr. Wintemute joined American Vanguard 47 years ago and has served as CEO for 30 years.
Reflecting on his tenure, Mr. Wintemute stated, “Over the past four decades, I have poured myself into building, nurturing, and growing this business. American Vanguard has become the business of my life. What began as a small formulation facility in Southern California with revenues of $1.5 million has, through over 70 acquisitions of branded products and companies, grown to become an NYSE-traded, global enterprise with revenues of $600 million, six North American factories, and operations in 21 countries. I am proud of what we have been able to accomplish.”
He continued, “We are currently deep in the process of transformation, both digital and operational, with the goal of maximizing EBITDA and valuation. To allow American Vanguard to become a better version of itself, I will hand the reins to a well-qualified successor to build upon what we have done well, strengthen what can be improved, and usher in a new generation of leadership. To my colleagues and all who have worked with me, you have been my inspiration and motivation. I thank you sincerely for your service.”
Scott D. Baskin, lead director of the board, expressed gratitude on behalf of the American Vanguard board of directors, stating, “We thank Mr. Eric G. Wintemute for serving with such energy and passion as our CEO for over 30 years. His vision and guidance have transformed American Vanguard into a multi-faceted, global platform, serving hundreds of companies worldwide. We are deeply indebted to Eric for his dedication and contributions to the company and wish him well in the next chapters of his life.”
American Vanguard Corporation is a diversified specialty and agricultural products company that develops and markets products for crop protection and management, turf and ornamentals management and public and animal health. Over the past 20 years, through product and business acquisitions, the Company has expanded its operations into 21 countries and now has over 1,000 product registrations in 56 nations worldwide. Its strategy rests on three growth initiatives – i) Core Business (through innovation of conventional products), ii) Green Solutions (with over 120 biorational products – including fertilizers, microbials, nutritionals and non-conventional products) and iii) Precision Agriculture innovation (including SIMPAS prescriptive application and Ultimus measure/record/verify technologies). American Vanguard is included on the Russell 2000® and Russell 3000® Indexes.
