Armanino Foods of Distinction, Inc. Doug Nichols to Retire as Chairman of Armanino Foods
BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTCQX: AMNF) today announced that Doug Nichols, longtime Director and Chairman of the Board, will retire effective August 15, 2025. Mr. Nichols has been a shareholder since 1992, a Board member since 2001, and has served as Chairman since 2009, succeeding Company founder William J. Armanino.
During Mr. Nichols' 24-year tenure on the Board, Armanino Foods delivered a total shareholder return of over 12,200% including dividends and dividends reinvested, representing a compound annual growth rate of 22%. Mr. Nichols was primarily responsible for initiating the Company's quarterly dividend program, which recently marked its 100th consecutive quarterly payment. He was also a catalyst and a driving force behind all 11 special dividends declared before and during his time on the Board, underscoring the Company's consistent shareholder-focused philosophy.
Nichols also spearheaded the launch of Armanino's initial share repurchase program many years ago and has remained a strong supporter of the Company's current ongoing buyback strategy.
'We started with specials because we didn't want to disappoint shareholders if we couldn't sustain it,' said Nichols. '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!'
Mr. Nichols led the Company through sustained growth, expanded operations, and enhanced governance practices. He has long championed conservative financial management and consistent shareholder returns.
Reflecting on his retirement, Nichols added: '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 also praised current and recent 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.'
Nichols offered special recognition to the Company's new CEO: 'Deanna Jurgens has brought a new level of enthusiasm that's hard for me to keep up with. She is a fantastic, creative, talented, and disciplined leader. It's a very, very exciting time for Armanino Foods.'
He concluded: 'This is the best management and board team we've ever had. It's a great time for an old guy to move on—as it's time-consuming just trying to keep up! I will miss seeing all my friends. The shareholders are in very, very good hands.'
Mr. Nichols will remain a significant shareholder and supporter of the Company. The Board of Directors expects to announce succession plans soon.
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pestos, sauces and filled pastas to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto, Armanino offers other flavors such as Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, Alfredo sauce, Creamy Garlic, and Romesco. Armanino's organic line includes classic Basil Pesto. Armanino Foods also offers cheese shakers, frozen pastas, meatballs, and prepared meals.
Cautionary Statements Regarding Forward-Looking Information:
The declaration of cash dividends in the future, pursuant to the Company's dividend policy, is subject to final determination each quarter by the Board of Directors based on a number of factors, including the Company's financial performance and its available cash resources. For this reason, as well as others, there can be no assurance that dividends in the future will be equal or similar to the amount described in this press release or that the Board of Directors will not decide to suspend or discontinue the payment of cash dividends in the future.
Statements in this news release regarding our expectations and beliefs about our future financial performance and trends in our markets are 'forward- looking statements' as defined in the Private Securities Litigations Reform Act of 1995. Forward-looking statements often include the words 'believe,' 'expect,' 'anticipate,' 'intend,' 'plan,' 'estimate,' 'project,' or words of similar meaning, or future or conditional verbs such as 'will,' 'would,' 'should,' 'could,' or 'may.'
The forward-looking statements in this news release regarding our future financial performance are based on current information and because our business is subject to several risks and uncertainties, actual operating results in the future may differ significantly from the future financial performance expected at the current time. Those risks and uncertainties may include, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; the extent and duration of the negative impact of the COVID-19 pandemic and its consequences on the Company; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in the Company's relationships with customers and group purchasing organizations; the Company's ability to increase or maintain the highest margin portions of the Company's business; achievement of expected benefits from cost savings initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures and other governmental regulation, including actions taken by national, state and local governments to contain and/or respond to the COVID-19 pandemic and its consequences; product recalls and product liability claims; and our reputation in the industry. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates available to the Company at this time. We undertake no obligation to update or revise any forward-looking statements, except as may be required by law.
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