American Vanguard Corporation (NYSE:AVD) announced today that Eric G. Wintemute, its Chairman and Chief Executive Officer, has informed the board of his intention to retire from the CEO position. His retirement plans are outlined in a Transition Agreement, wherein Mr. Wintemute will assist in the search for his successor, currently underway through the global executive search firm, Kincannon & Reed. He will retire upon the appointment of his successor, no later than December 31, 2024, while continuing to serve as Chairman of the Board. Post-retirement, Mr. Wintemute will provide part-time consulting services to the company.
Having joined the company 47 years ago, Mr. Wintemute has served as CEO for 30 years. Reflecting on his tenure, he stated, “Over the past four decades, I have dedicated myself to building and expanding this business. From a small formulation facility in Southern California with revenues of $1.5 million, we have grown through over 70 acquisitions to become an NYSE-traded global enterprise with $600 million in revenues, six North American factories, and operations in 21 countries. I am immensely proud of our achievements and the team that has driven our success.”
He continued, “As we undergo a significant transformation—digitally and operationally—to enhance EBITDA and maximize valuation, I believe now is the right time to pass the baton to a capable successor. This individual will build upon our strengths, address areas for improvement, and guide American Vanguard into its next phase of growth. To my colleagues and all who have supported me over the years, I extend my deepest gratitude for your dedication and inspiration.”
Scott D. Baskin, lead director of the board, expressed appreciation on behalf of the American Vanguard board of directors, stating, “We thank Eric G. Wintemute for his more than 30 years of outstanding leadership and dedication as CEO. Under his guidance, American Vanguard has flourished into a globally recognized organization, serving numerous industries worldwide. Eric’s vision has been pivotal in shaping our success, and we wish him well in his future endeavors.”
About American Vanguard
American Vanguard Corporation specializes in developing and marketing products for crop protection, turf and ornamental management, and public and animal health. Over the past two decades, the company has expanded its footprint to 21 countries and boasts over 1,000 product registrations across 56 nations. American Vanguard focuses on growth through its Core Business, Green Solutions (including biorational products), and Precision Agriculture innovation, encompassing technologies like SIMPAS prescriptive application and Ultimus measure/record/verify technologies. The company is listed on the Russell 2000® and Russell 3000® Indexes. For more information, visit www.american-vanguard.com.
Forward-Looking Statements
This release may contain forward-looking information. While based on management’s current expectations, these statements are subject to risks and uncertainties that may cause actual results to differ materially. Factors such as weather conditions, regulatory changes, and other risks detailed in SEC reports and filings could impact the company’s forward-looking statements. All forward-looking statements reflect the judgment of the company as of the date of this release.
