Central Garden & Pet Company Announces CEO Transition Planning
February 11 2019 - 8:30AM
Business Wire
George Roeth Announces Plan to Retire from
Company on September 28, 2019
Board Will Initiate Search for a New President
and Chief Executive Officer
Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA),
a leading innovator, producer and distributor of branded and
private label products for the lawn & garden and pet supplies
markets, said today that President and Chief Executive Officer
George Roeth has announced his intention to retire from his roles,
effective at the end of the Company’s fiscal year on September 28,
2019. Prior to that date, Mr. Roeth will continue to lead the
Company in his capacity as President and Chief Executive Officer to
ensure a smooth transition. The Board of Directors will form a
Succession Committee to identify a successor with the assistance of
a leading executive search firm.
Sonny Pennington, Chairman of the Board of Central Garden &
Pet, said, “Under George’s leadership, Central has seen successive
years of strong growth and financial performance, generating more
than 50% in total shareholder return since he took the reins in
June 2016. Importantly, Central also demonstrated significant
improvement in its digital capabilities and strategic execution of
a growth plan that positions the Company for an exceptional future.
On behalf of the full Board, we are grateful to George for his
continuing contributions to Central’s success and commitment to a
smooth transition.
Looking ahead, the Board will focus on finding the right leader
who will continue to champion Central’s culture of
entrepreneurship, customer-first orientation, and collaboration to
help drive the Company’s positive trajectory. We are committed to
empowering our team to take charge, innovate, and execute on our
strategy of building scale and efficiency in our core businesses,
including our pursuit of promising organic and M&A-driven
growth opportunities ahead for Central.”
Mr. Roeth said, “It has been a privilege to lead this
extraordinary group of people in driving Central’s continued
success. When I stepped into the CEO role from the Board on the
retirement of our previous CEO, John Ranelli, I had agreed to do so
for three to five years. The Company was at an important inflection
point and our founder was recovering from an unfortunate accident.
I’m pleased that, today, Central is well positioned to continue its
trajectory of sustainable, consistent growth and that Bill Brown,
Central’s founder, has come back with the energy and desire to
continue to take an active role.
For many months I have been thinking about when would be the
best time for me to retire. After much reflection and extensive
conversations with Board members and others over that time, I
decided that the best time both for me and for the Company would be
at the end of our current fiscal year in September. Providing
significant advance notice gives the Board the time to do a
thorough and systematic search for my successor. Until that time, I
look forward to continuing to lead the Central team and ensuring
the smoothest possible transition. I am confident in both our plan
for the current fiscal year and also the long-term health of the
organization and businesses.”
Bill Brown, Former Chairman and Chief Executive Officer of
Central Garden & Pet, said, “I am grateful to George for
stepping in as he did, for bringing his learnings to our business
model, and helping us develop into a more strategic and better
company. His contributions have been invaluable. Central under his
leadership has created a solid pipeline of organic growth
opportunities and continues to evolve into a stronger and more
dynamic organization. We have a sound strategy, and the Board and I
look forward to working with the next CEO to build on what is in
place for the future.”
About Central Garden & Pet
Central Garden & Pet Company is a leading innovator,
producer and distributor of branded and private label products for
the lawn & garden and pet supplies markets. Committed to new
product innovation, our products are sold to specialty independent
and mass retailers. Participating categories in Lawn & Garden
include: Grass seed and the brands PENNINGTON®, and THE REBELS®;
wild bird feed and the brand PENNINGTON®; weed and insect control
and the brands AMDRO®, SEVIN®, and OVER-N-OUT®; fertilizer and the
brands PENNINGTON® and IRONITE®; live plants from BELL NURSERY; and
decorative outdoor patio products under the PENNINGTON® brand. We
also provide a host of other regional and application-specific
garden brands and supplies. Participating categories in Pet
include: Animal health and the brands ADAMS™, COMFORT ZONE®,
FARNAM®, HORSE HEALTH™ and VITAFLEX®; aquatics and reptile and the
brands AQUEON®, CORALIFE®, SEGREST™ and ZILLA®; bird & small
animal and the brands KAYTEE®, Forti-Diet® and CRITTER TRAIL®; and
dog & cat and the brands TFH™, NYLABONE®, FOUR PAWS®, IMS®,
CADET®, DMC™, K&H Pet Products™, PINNACLE® and AVODERM®. We
also provide a host of other application-specific pet brands and
supplies. Central Garden & Pet Company is based in Walnut
Creek, California, and has approximately 5,400 employees, primarily
in North America. For additional information on Central Garden
& Pet Company, including access to the Company's SEC filings,
please visit the Company’s website at www.central.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190211005393/en/
Steve ZenkerVP Finance - Investor Relations, FP&A, &
Corporate CommunicationsCentral Garden & Pet
Company925.948.3657
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