Central Garden & Pet Announces New Chairman of the Board
WALNUT CREEK, Calif.--(BUSINESS WIRE)-- 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, today announced that Brooks Pennington III (Sonny) has succeeded Bill Brown as Chairman of the Board. Brown will remain on the Board of Directors and continue to focus on higher-level strategic initiatives for the Company.
Pennington has been on Central Garden & Pet’s Board of Directors for 20 years and has been the Company’s Director of Special Projects since 2006. Prior to his current role, Pennington served as the President and CEO of Pennington Seed from 1994 to 2006 and has almost 40 years’ experience in the lawn and garden industry. Pennington Seed was acquired by Central Garden & Pet in 1998.
Bill Brown, founder of Central Garden and Pet, commented, “Sonny has been an important part of Central’s success and has been an invaluable partner in helping grow our Company. He knows our culture and business well and I am confident he will be a wonderful steward for the business, working with management to move Central forward in the future.” Brown continued, “As for me, I will continue on the Board of Directors and chair the Board’s Investment Committee - working on strategic initiatives to help grow Central in the years ahead.”
Pennington added, “Bill has been an inspiration to us all. Since he took Central public in 1993, the Company has grown revenues by a compounded annual average of 8% and net income by 13%.” Pennington continued, “We are fortunate to have a strong management team led by CEO George Roeth, a highly-engaged Board, and a dedicated and talented employee base. I look forward to collaborating with all of them as we move forward to continue to grow our Company organically and through acquisitions into 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®; 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 4,200 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.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. All forward-looking statements are based upon the Company’s current expectations and various assumptions. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this release including, but not limited to, the following factors:
- failure of the acquired business to achieve expected results;
- seasonality and fluctuations in the Company’s operating results and cash flow;
- adverse weather conditions;
- dependence on a small number of customers for a significant portion of our business;
- uncertainty about new product innovations and marketing programs;
- dependence upon key executives and the ability to retain the General Pet Supply management; and
- competition in our industries.
These risks and others are described in Central’s Securities and Exchange Commission filings. Central undertakes no obligation to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise.
Central Garden & Pet Company
Steve Zenker, 925-948-3657
VP Finance - Investor Relations, FP&A and Communications
Source: Central Garden & Pet Company
Released March 19, 2018