American Vanguard Corporation (NYSE: AVD) announced today that Eric G. Wintemute has stepped down as Chairman and Chief Executive Officer, effective July 12, 2024, as outlined in the Transition Agreement dated July 3, 2024. Mr. Wintemute will continue serving as Chairman of the Board and will provide consulting services to the Company on a part-time basis, as required.
Scott Baskin, Lead Director of the Board, emphasized the need for decisive action in light of recent performance, stating, “To enhance financial performance and drive transformative change, we are establishing an Office of CEO (OCEO). This office will be led by CFO David Johnson (17 years with the Company), SVPHR Shirin Khosravi (25+ years in HR management and design), CIO/General Counsel Timothy Donnelly (19 years with the Company), and board member Mark Bassett, PhD, renowned for his leadership at Dow and Hemlock Semiconductor, and as the architect of our transformation plan.”
Mr. Baskin outlined the OCEO’s dual focus: “Firstly, to significantly enhance strategy execution for improved earnings and cash flow throughout the year. Secondly, to accelerate our company-wide transformation, including enhancements in data systems, streamlined customer-centric operations, optimized market strategies, and increased operational efficiency. These initiatives underscore our commitment to delivering exceptional products to customers and enhancing shareholder value.”
“The OCEO combines decades of expertise crucial for driving positive change—comprising cash management, human capital development, organizational restructuring, P&L management, and digital platform transformation,” added Mr. Baskin. During the CEO search, Mr. Donnelly will serve as Acting CEO for financial disclosures, while all functions will report to the OCEO.
Empowered with full authority, the OCEO will swiftly implement profitability-focused measures with the support of global business consultant Kearney. Regular updates on progress and initiatives will be provided to the Board, with further details to be shared during the upcoming earnings call in early August.
