US tea and coffee supplier Farmer Brothers has announced a new chief executive following Deverl Maserang’s resignation last September.
John Moore has been named as CEO of the Texas-based business, having served as interim CEO since last October.
Before being named as Farmer Brothers’ interim CEO, Moore served as the company’s head of coffee, where he was responsible for the company’s green coffee procurement, R&D, roasting, manufacturing and sustainability initiatives, according to a statement.
Before joining Farmer Brothers last May, Moore was chief executive officer at New York-based Vassilaros Coffee for five years.
“John has more than 30 years of experience in the coffee industry and has worked directly in every stage of the coffee value chain at both a national and international level,” Farmer Brothers chairman Dave Pace said.
“His deep expertise and proven leadership will guide Farmer Brothers as we reposition the company and focus on leveraging our nationwide direct store delivery system to build a differentiated and sustainable platform for growth.”
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The leadership change comes following Maserang and ex-CFO Scott Drake both stepping down at the end of September.
“This is an exciting time at Farmer Brothers and I am honoured to be able to lead our talented team as we adapt to the ever-changing consumer landscape and continue to provide the high-quality coffee, tea and culinary products our customers have relied on for more than a century,” Moore said.
“I’m excited about our ability to capture the future potential of the company as we streamline our processes, improve our focus on service and increase our product offerings.”
In the opening quarter of its fiscal 2024, the coffee maker reported net sales of $81.9m and a net loss of $1.3m.
At the time, Moore said: “Supported by favourable coffee pricing trends, we expect we will continue to see momentum and improving results throughout the fiscal year. We believe we are on track to achieve our goal of positive free cash flow in early fiscal 2025, setting the stage for a revitalised Farmer Brothers and creating long-term shareholder value.”
Farmer Brothers is set to announce its second-quarter results tomorrow (8 February).