Winnipeg, MB, February 2, 2023 – Ag Growth International Inc. (TSX: AFN) (“AGI”, the “Company”, “we” or “our”) today announced that Bill Lambert intends to step down as Chair of the Board of Directors following the Company's upcoming annual meeting in May 2023. Mr. Lambert has been a director and the Chair of the Board since 2006. Mr. Lambert intends to remain on the Board, ensuring an orderly transition and continuity.
The Board intends to appoint Janet Giesselman, an independent director, as the Chair of the Board effective on Mr. Lambert's retirement. Ms. Giesselman has been a director of AGI since 2013 and currently chairs the Human Resources Committee in addition to serving on the Audit as well as the Governance, Sustainability, and Social Responsibility Committees.
This transition aligns with AGI's continuing focus on strong governance principles and succession planning. Recent steps include the addition of Rohit Bhardwaj and Paul Householder to the Board in November 2022 and Mr. Householder's appointment as President & CEO in September 2022.
Mr. Lambert stated: “It has been a privilege to have led such a dedicated Board and worked with such exceptional executive teams over the past 17 years. I am confident that Janet is the ideal person to lead the Board at this exciting time. She is an accomplished leader, with extensive North American and international experience in both agriculture and related industries as well as an in-depth understanding of AGI, having served on the Board for the past 10 years. I look forward to working with Janet to ensure we continue to execute on our strategy focused on profitable growth, operational excellence, and balance sheet discipline to enhance value for all stakeholders.”
Ms. Giesselman stated: “I am honoured to have the confidence of the Board to replace Bill as Chair. As incoming Chair, I look forward to continuing to work with the Board, Paul, and the rest of his management team to realize the full potential of AGI, while maintaining the highest levels of corporate governance and serving the interests of all our stakeholders. On behalf of the entire Board, I would like to thank Bill for his leadership and dedication and am pleased that we will continue to have the benefit of his insight, judgement, and strategic vision.”
Ms. Giesselman has over 30 years of U.S. and international agriculture, energy, and specialty chemicals industry experience, having led multiple global businesses. From 2001 to 2010, she held numerous senior leadership positions with the Dow Chemical Company including Business Vice President Dow Latex, President and General Manager Dow Oil and Gas, and Vice President Dow AgroSciences. Before joining Dow, Ms. Giesselman held various business leadership positions with the Rohm and Haas Company. She holds a B.Sc., Biology from Pennsylvania State University and a Masters in Plant Pathology from the University of Florida. Ms. Giesselman is also a director of McCain Foods Limited, Twin Disc, Inc., and Corteva Inc. and previously served on the boards of GCP Applied Technologies, Inc. and Omnova Solutions Inc.
As previously announced, AGI is hosting an investor day today, February 2, 2023. The event is scheduled from 10:00am to 12:00pm ET and is structured in a hybrid format, with in-person and virtual webcast attendance options available.
The investor day will be hosted by Paul Householder, President & CEO, as well as Jim Rudyk, CFO, who will provide an update on AGI’s operations, recent developments, and strategic priorities.
TMX Market Centre
120 Adelaide St W, Toronto, ON M5H 1S3
Room: Pearce Bunting & Barbara Stymiest
Virtual webcast attendance
Following the event, the presentation and supporting materials will be made available on AGI’s corporate website.
AGI is a provider of the equipment and solutions required to support the efficient storage, transport, and processing of food globally. AGI has manufacturing facilities in Canada, the United States, Brazil, India, France, and Italy and distributes its product worldwide.
For More Information Contact:
Director, Investor Relations
Further information can be found in the disclosure documents filed by AGI with the securities regulatory authorities, available at www.sedar.com and on AGI's website www.aggrowth.com.
This press release contains forward-looking statements and information [collectively, "forward-looking information"] within the meaning of applicable securities laws that reflect our expectations regarding the future growth, results of operations, performance, business prospects, and opportunities of the Company. All information and statements contained herein that are not clearly historical in nature constitute forward-looking information, and the words “anticipate”, “estimate”, “believe”, “continue”, “could”, “expects”, “intend”, “trend”, “plans”, “will”, “may” or similar expressions suggesting future conditions or events or the negative of these terms are generally intended to identify forward-looking information. Forward-looking information involves known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Undue reliance should not be placed on forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which it is based will occur. In particular, the forward-looking information in this press release includes information relating to: the anticipated appointment of a new Chair, the expected continuance of the current Chair as a director, AGI's strategic plans, the enhancement of value for stakeholders and the timing of the annual meeting. Such forward-looking information reflects our current beliefs and is based on information currently available to us, including certain key expectations and assumptions concerning: the anticipated impacts of the COVID-19 pandemic on our business, operations and financial results; future debt levels; anticipated grain production in our market areas; financial performance; the financial and operating attributes of recently acquired businesses and the anticipated future performance thereof and contributions therefrom; business prospects; strategies; product and input pricing; regulatory developments; tax laws; the sufficiency of budgeted capital expenditures in carrying out planned activities; political events; currency exchange and interest rates; the cost of materials, labour and services; the value of businesses and assets and liabilities assumed pursuant to recent acquisitions; the impact of competition; the general stability of the economic and regulatory environment in which the Company operates; the timely receipt of any required regulatory and third party approvals; the ability of the Company to obtain and retain qualified staff and services in a timely and cost efficient manner; the timing and payment of dividends; the ability of the Company to obtain financing on acceptable terms; the regulatory framework in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its products and services. Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual results to differ materially from results discussed in the forward-looking information, including the effects of global outbreaks of pandemics or contagious diseases or the fear of such outbreaks, such as the recent COVID-19 pandemic, including the effects on the Company's operations, personnel, and supply chain, the demand for its products and services, its ability to expand and produce in new geographic markets or the timing of such expansion efforts, and on overall economic conditions and customer confidence and spending levels, changes in international, national and local macroeconomic and business conditions, as well as sociopolitical conditions in certain local or regional markets, including as a result of the conflict between Russia and Ukraine and the response thereto from other countries and institutions (including trade sanctions and financial controls), which could adversely impact economic and trade activity across Europe and perhaps worldwide, weather patterns, crop planting, crop yields, crop conditions, the timing of harvest and conditions during harvest, the ability of management to execute the Company’s business plan, seasonality, industry cyclicality, volatility of production costs, agricultural commodity prices, the cost and availability of capital, currency exchange and interest rates, the availability of credit for customers, competition, AGI’s failure to achieve the expected benefits of recent acquisitions including to realize anticipated synergies and margin improvements; changes in trade relations between the countries in which the Company does business including between Canada and the United States; cyber security risks; the risk that the assumptions and estimates underlying the provision for remediation related to the matters disclosed in our most recently filed Management's Discussion and Analysis ("MD&A") under “Remediation costs and equipment rework” and insurance coverage for such matters will prove to be incorrect as further information becomes available to the Company; and the risk of litigation or unsuccessful defense of litigation in respect of equipment or work previously supplied or completed or in respect of other matters and the risk that AGI incurs material liabilities in connection with such litigation that are not covered by insurance in whole or in part. These and other risks and uncertainties are described under “Risks and Uncertainties” in our most recently filed Annual Information Form and MD&A, which are available under the Company's profile on SEDAR [www.sedar.com]. These factors should be considered carefully, and readers should not place undue reliance on the Company’s forward-looking information. We cannot assure readers that actual results will be consistent with this forward-looking information. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information included in this press release is made as of the date of this press release and AGI undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.