Preston D.
Wigner, Senior Vice President, to Become Chairman,
President, and CEO, Effective October
1, 2024
Longtime Leader George
C. Freeman, III, to Retire as Chairman, President, and
CEO
Mr. Freeman to Support Seamless Transition
through Fiscal Year-End
RICHMOND, Va., Aug. 29,
2024 /PRNewswire/ -- Universal Corporation (NYSE:
UVV), a global business-to-business agriproducts company, today
announced that its Board of Directors has approved a leadership
succession plan. Under the plan, Preston D.
Wigner, who has been with Universal for more than 20 years
and currently serves as the Company's Senior Vice President, will
become Chairman, President, and Chief Executive Officer, effective
October 1, 2024. At that time,
George C. Freeman, III, will retire
from his longtime roles as Chairman, President, and CEO and as a
member of the Board.
Mr. Wigner's appointment as CEO is the culmination of a
succession planning process conducted by the Board and assisted
over the last two years by a global leadership advisory firm. To
support a seamless transition of leadership, Mr. Freeman will serve
as Vice Chair of the Company through December 31, 2024, and then as a Senior Advisor
through the Company's fiscal year-end on March 31, 2025.
"George has played a critical role in shaping Universal into the
company it is today, and we are grateful for his tremendous
leadership," said Thomas H. Johnson,
Lead Independent Director of Universal's Board. "During the last
several years, George and the senior leadership team have
consistently delivered value to Universal's shareholders by driving
strong tobacco results and establishing our Universal Ingredients
business. With the positive momentum from our most recent fiscal
year and the strong beginning to our current fiscal year, now is
the right time to implement this leadership succession."
Mr. Johnson continued, "We are delighted to name Preston as our
next Chairman, President, and CEO. Preston has been a valued member
of Universal's senior leadership team for many years. With
significant tobacco industry experience, active involvement in our
ingredients business strategy from its inception, and deep
familiarity with our global organization, Preston has the right mix
of skills and expertise to drive Universal forward."
Mr. Wigner commented, "It is a privilege to be named Chairman,
President, and CEO of Universal at this exciting time in the
Company's 100-plus year history. I am energized by the opportunity
to lead our incredible organization and advance our growth strategy
by optimizing our leading tobacco business and expanding our
ingredients business. Our future success will build on the
foundational work we have accomplished under George's leadership as
well as our continued efforts to develop and pursue innovative
strategies, set new standards of social and environmental
performance, and motivate and inspire our global workforce. I am
grateful to George for his mentorship and friendship, and I look
forward to continuing to work with him through the remainder of our
fiscal year."
"It has been an honor to lead Universal in building and growing
our portfolio of agriproducts and extending our sustainable supply
chain operations to now support more than 200,000 farmers over five
continents," said Mr. Freeman. "We have made incredible advances in
the 27 years I have been with Universal, and I thank our talented
employees around the world who work tirelessly for all our
stakeholders. As I prepare to leave the Board, I would also like to
thank each Director for their support and guidance as we have
worked to position the Company for success. I have worked closely
with Preston, and my decision to retire is made with the utmost
confidence in his ability to advance Universal's strategy with the
support of the Board and management team and deliver long-term
value for our shareholders. I look forward to supporting a smooth
transition."
About Preston D.
Wigner
Mr. Wigner brings over two
decades of industry experience, having joined the Company in 2003.
He was appointed Senior Vice President of Universal in December 2023, after serving as the Company's
Vice President, General Counsel, and Secretary for nearly 20 years.
Prior to joining Universal, Mr. Wigner served as an
associate with the law firms Williams Mullen
and Hunton Andrews Kurth
(formerly Hunton & Williams). Mr.
Wigner received his J.D. from the University of Richmond School of Law and holds
a B.B.A. in Marketing from James
Madison University.
About Universal Corporation
Universal Corporation
(NYSE: UVV) is a global agricultural company with over 100 years of
experience supplying products and innovative solutions to meet our
customers' evolving needs and precise specifications. Through our
diverse network of farmers and partners across more than 30
countries on five continents, we are a trusted provider of
high-quality, traceable products. We leverage our extensive supply
chain expertise, global reach, integrated processing capabilities,
and commitment to sustainability to provide a range of products and
services designed to drive efficiency and deliver value to our
customers. For more information, visit www.universalcorp.com.
Forward-Looking Statements
This release includes
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. The Company cautions
readers that any statements contained herein regarding the
Company's financial condition, results of operation, and future
business plans, operations, opportunities, and prospects for its
performance are forward-looking statements based upon management's
current knowledge and assumptions about future events, and involve
risks and uncertainties that could cause actual results,
performance, or achievements to be materially different from any
anticipated results, prospects, performance, or achievements
expressed or implied by such forward-looking statements. Such risks
and uncertainties include, but are not limited to, the failure of
any one or more of the assumptions stated herein to prove to be
correct; success in pursuing strategic investments or acquisitions
and integration of new businesses and the impact of these new
businesses on future results; product purchased not meeting quality
and quantity requirements; our reliance on a few large customers;
our ability to maintain effective information technology systems
and safeguard confidential information; anticipated levels of
demand for and supply of our products and services; costs incurred
in providing these products and services including increased
transportation costs and delays attributed to global supply chain
challenges; timing of shipments to customers; higher inflation
rates; changes in market structure; government regulation and other
stakeholder expectations; economic and political conditions in the
countries in which we and our customers operate, including the
ongoing impacts from international conflicts; product taxation;
industry consolidation and evolution; changes in exchange rates and
interest rates; impacts of regulation and litigation on its
customers; industry-specific risks related to its plant-based
ingredient businesses; exposure to certain regulatory and financial
risks related to climate change; changes in estimates and
assumptions underlying our critical accounting policies; the
promulgation and adoption of new accounting standards, new
government regulations and interpretation of existing standards and
regulations; and general economic, political, market, and weather
conditions. Actual results, therefore, could vary from those
expected. A further list and description of these risks,
uncertainties, and other factors can be found in the Company's
Annual Report on Form 10-K for the fiscal year ended March 31, 2024, and in other documents the
Company files with the Securities and Exchange Commission. This
information should be read in conjunction with the Annual Report on
Form 10-K for the year ended March 31,
2024. The Company cautions investors not to place undue
reliance on any forward-looking statements as these statements
speak only as of the date when made, and it undertakes no
obligation to update any forward-looking statements made.
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SOURCE Universal Corporation