Union City, Calif., June 27, 2025 — Armanino Foods of Distinction, Inc. (OTCQX: AMNF), a leader in premium frozen Italian specialty foods, announced today that Doug Nichols, its long-serving Chairman and Director, will retire from the Board of Directors effective August 15, 2025. Nichols has been a cornerstone of the Company’s leadership and strategy for over two decades, helping to guide Armanino Foods through an era of unprecedented growth and shareholder value creation.
Nichols’ association with Armanino Foods began in 1992 as a shareholder, and in 2001, he officially joined the Board of Directors. In 2009, he was appointed Chairman, succeeding the Company’s founder, William J. Armanino. Over the course of his 24-year tenure on the Board, Nichols helped oversee Armanino Foods’ transformation from a promising regional food manufacturer into a highly respected international player in the specialty food space.
A Legacy of Exceptional Shareholder Returns
Under Nichols’ stewardship, Armanino Foods delivered a remarkable total shareholder return of more than 12,200%, inclusive of dividends and reinvested dividends. This equates to a compound annual growth rate (CAGR) of approximately 22%, a feat rarely seen in the food industry. These results speak not only to the Company’s business acumen but also to Nichols’ unwavering commitment to building sustainable long-term value for shareholders.
One of Nichols’ most significant contributions was initiating Armanino’s quarterly dividend program. That program recently achieved a historic milestone: 100 consecutive quarterly dividend payments. This consistency is a reflection of the Company’s strong cash flow generation and disciplined financial practices. Additionally, Nichols was a key advocate for 11 special dividend payments—declared both before and during his time on the Board—further reinforcing the Company’s shareholder-centric approach.
“We started with specials because we didn’t want to disappoint shareholders if we couldn’t sustain it,” Nichols remarked. “That was before I joined the Board, but I was a catalyst on all of them, too. After 100 consecutive quarterly dividends paid, I am very proud of our track record!”
Nichols also spearheaded the Company’s first share repurchase program many years ago, laying the groundwork for what is now an ongoing buyback strategy. His efforts have consistently balanced growth with fiscal conservatism and capital returns, benefiting long-term investors and enhancing shareholder confidence.
Steward of Strategic Growth and Governance
Beyond financial performance, Nichols helped shape Armanino Foods’ long-term strategic vision. He was instrumental in guiding the Company through multiple expansions, product innovations, and corporate governance enhancements. Known for his emphasis on conservative fiscal management, Nichols ensured that Armanino maintained a healthy balance sheet and robust operational discipline throughout market cycles.
Nichols’ leadership also coincided with the diversification of Armanino’s product portfolio and its expansion into new markets. The Company has grown its presence in the foodservice, retail, and industrial sectors across North America and beyond, all while maintaining the high standards of quality and authenticity that define its Italian culinary heritage.
Reflecting on his retirement, Nichols shared his deep appreciation for those who helped shape Armanino’s journey: “First and foremost, I’d like to remember company founder William Armanino, longtime CEO Edward Pera, current Board member Debbie Armanino LeBlanc, and longtime company counsel Mark Cassanego. They’ve all been good buddies, and between us, we’ve run a pretty good food company. I certainly wasn’t the food expert!”
He continued by acknowledging the strength of the current and former Board members: “James Ford’s energy and business knowledge have been indispensable to me as I’ve planned my retirement. John Micek has been a steadying force as an advisor and Audit Chair. I can never thank Al Banisch enough for chairing the compensation committee these last few years. And Tony Muscato has brought a level of food company operational expertise that has significantly elevated the Board’s ability to assist management.”
