Central Garden & Pet Announces Resignation of Chief Financial Officer and Appointment of Acting CFO
August 04 2015 - 3:02PM
Business Wire
Central Garden and Pet Company (NASDAQ: CENT) (NASDAQ: CENTA), a
leading innovator, marketer and producer of quality branded
products for the lawn and garden and pet supplies markets, today
announced the resignation of Lori Varlas, Senior Vice President and
Chief Financial Officer. Ms. Varlas is leaving the Company
effective September 2, 2015 and has accepted a senior level
position at another company. She will be staying through the month
of August to ensure a smooth transition and subsequently, will
provide services under her post-employment agreement.
The Board of Directors has named David N. Chichester as Acting
Chief Financial Officer. Mr. Chichester has served for 13 years on
Central’s Board as Audit Committee Financial Expert. Mr. Chichester
has an extensive background in corporate finance having served as
CFO or held senior finance positions at several companies including
Starbucks and Marriott Corporation. He brings significant financial
management, accounting, disclosure, and risk assessment experience
to the Acting CFO role.
"On behalf of the Board of Directors and the entire company, I
want to thank Lori for her invaluable contributions,” said John
Ranelli, President & CEO of Central Garden & Pet. “Lori
leaves us as a stronger Company. She has assembled an experienced
and talented financial team that will help us ensure a seamless
transition until we name a permanent successor. I wish her
continued success in her future endeavors.” Ranelli added, “I look
forward to working with David in his new role as we continue to
execute on our growth strategy.”
About Central Garden & Pet
Central Garden & Pet Company is a leading innovator,
marketer and producer of quality branded products for the lawn
& garden and pet supplies markets. Committed to new product
innovation, our products are sold to specialty independent and mass
retailers. Participating categories in Lawn & Garden include:
Grass seed and the brands PENNINGTON®, SMART SEED® and THE REBELS®;
wild bird feed and the brand PENNINGTON®; weed and insect control
and the brands AMDRO®, SEVIN®, IRONITE® and OVER-N-OUT®; and
decorative outdoor patio products under the PENNINGTON ® brand. We
also provide a host of other regional and application-specific
garden brands and supplies. Participating categories in Pet
include: Animal health and the brands ADAMS™ and ZODIAC®; aquatics
and reptile and the brands OCEANIC®, AQUEON® and ZILLA®; bird &
small animal and the brands KAYTEE®, SUPER PET® and CRITTER TRAIL®;
dog & cat and the brands TFH™, NYLABONE®, FOUR PAWS®, PINNACLE®
and AVODERM®; and equine and the brands FARNAM®, BRONCO® and SUPER
MASK®. We also provide a host of other application-specific pet
brands and supplies. Central Garden & Pet Company is based in
Walnut Creek, California, and has approximately 3,300 employees,
primarily in North America. For additional information on Central
Garden & Pet Company, including access to the Company's SEC
filings, please visit the Company’s website at www.central.com.
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this release which
are not historical facts, including earnings guidance for the
fourth quarter and fiscal 2015 and expectations for future
favorable results 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 the Company’s 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 including, but
not limited to, the following factors:
- seasonality and fluctuations in the
Company’s operating results and cash flow;
- fluctuations in market prices for seeds
and grains and other raw materials and the Company’s ability to
pass through cost increases in a timely manner;
- adverse weather conditions;
- dependence on a small number of
customers for a significant portion of our business;
- uncertainty about new product
innovations and marketing programs;
- dependence on management and the
ability to execute on our succession plan; and
- competition in our industries
These risks and others are described in the Company’s Securities
and Exchange Commission filings. The Company undertakes no
obligation to publicly update these forward-looking statements to
reflect new information, subsequent events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20150804006782/en/
Central Garden and Pet CompanySteve Zenker, 925-948-3657VP of
Investor Relations & Communications
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