Armanino Foods of Distinction, Inc. Announces Departure of CEO, Tim Anderson
PLEASANTON, Calif., January 28, 2025--(BUSINESS WIRE)--Armanino Foods of Distinction, Inc. (OTCQX: AMNF) announced today that Timothy W. Anderson has informed the Board of Directors that he will resign as President and Chief Executive Officer and as a director of the company, effective February 17, 2025. Edgar Estonina, who currently serves as the Company's COO and CFO, will assume, on an interim basis, all of the duties formerly performed by Mr. Anderson. Mr. Estonina has been with Armanino for almost 20 years, and has previously served in this transitional role prior to Mr. Anderson's tenure with the Company.
Mr. Douglas Nichols, Armanino's Chairman, stated, "Tim has been instrumental in leading Armanino through the pandemic and into a period of rapid and profitable growth. We credit him with many important strategic contributions that have placed the Company in a strong financial position and in an enviable position in the marketplace. I express our appreciation for Tim's work and commitment to the Company. We wish him the best in his future endeavors."
Mr. Nichols continued, "We have asked director James Ford to head a search committee of the board so we can identify a leader who can build on the strong foundation that Tim will be leaving us. That search will begin immediately. In the meantime, we are confident in Mr. Estonina's abilities to serve again in a transitional role as we search for Tim's replacement."
Tim Anderson, in his farewell message to the board stated, "I am tremendously proud of the team we have built at Armanino and the results we have delivered to shareholders. It was a very difficult decision to leave behind the people and the many opportunities that lie ahead for the Company."
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto, Armanino offers other flavors and sauces including Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, and Alfredo. Armanino's organic line includes classic Basil Pesto. Finally, Armanino Foods also offers cheese shakers, frozen pastas, and meatballs.
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.
The best source of information on the company is the OTC Markets website (http://www.otcmarkets.com/stock/AMNF/company-info).
View source version on businesswire.com: https://www.businesswire.com/news/home/20250128761920/en/
Contacts
Edgar EstoninaCOO/CFO(510) 441-9300amnf@armaninofoods.com
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