Farmer Brothers Appoints Scott Drake As Chief Financial Officer

March 17, 2020

NORTHLAKE, Texas, March 16, 2020 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ:FARM) (the “Company”) today announced the appointment of Scott Drake as Chief Financial Officer and Treasurer, effective March 23, 2020. Scott Lyon will continue to serve in his role as Farmer Brothers’ Vice President, Controller.

Mr. Drake brings two decades of financial executive experience, including deep knowledge of the food & beverage and retail industries. He most recently served as GameStop Corp.’s Senior Vice President, Finance and Treasurer, where he oversaw financial planning and analysis, capital planning, risk management, mergers and acquisitions, and worldwide treasury functions. Prior to that, Mr. Drake served as 7-Eleven, Inc.’s Vice President, Finance Strategy and Communications from 2001 to 2015, where he oversaw corporate strategy, corporate communications and investor relations, financial planning and analysis, and capital planning functions. Prior to 2001, he held finance and accounting positions with Arthur Andersen, La Madeleine French Bakery and Café, Coca-Cola Enterprises and Coopers & Lybrand. Mr. Drake received a B.B.A. in Finance and Accounting and an M.B.A. in Corporate Finance from Texas A&M University. He is also a Certified Public Accountant.

“Following a thorough search, I am pleased to welcome Scott Drake to the Farmer Brothers team,” said Deverl Maserang, President and CEO. “He is a highly-accomplished executive bringing nearly 20 years of financial experience and knowledge of our industry. We are confident that Scott will be a great member of the team and his skills will serve us well as we build upon the important progress we have made to return Farmer Brothers to growth and profitability. I would also like to thank Scott Lyon for his outstanding service as Interim Principal Financial and Accounting Officer during our search for a permanent CFO.”

Scott Drake added, “I am honored to join Farmer Brothers, a company with a strong legacy and commitment to high-quality products, sustainability leadership and superior customer service. As the Company is in the midst of a turnaround, I am excited to drive forward a level of financial leadership and rigor that will position the Company to execute on its strategic initiatives. I look forward to working closely with Deverl and the Company’s talented team to further strengthen Farmer Brothers’ foundation and deliver enhanced value for our stakeholders.”

About Farmer Bros. Co.

Founded in 1912, Farmer Bros. Co. is a national coffee roaster, wholesaler and distributor of coffee, tea and culinary products. The Company’s product lines include organic, Direct Trade and sustainably-produced coffee. With a robust line of coffee, hot and iced teas, cappuccino mixes, spices, and baking/biscuit mixes, the Company delivers extensive beverage planning services and culinary products to its U.S. based customers. The Company serves a wide variety of customers, from small independent restaurants and foodservice operators to large institutional buyers like restaurant and convenience store chains, hotels, casinos, healthcare facilities, and gourmet coffee houses, as well as grocery chains with private brand coffee and consumer branded coffee and tea products, and foodservice distributors.

Headquartered in Northlake, Texas, Farmer Bros. Co. generated net sales of $595.9 million in fiscal 2019 and has approximately 1,470 employees nationwide. The Company’ s primary brands include Farmer Brothers®, Artisan Collection by Farmer Brothers™, Superior®, Metropolitan™, China Mist® and Boyds®.