UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On August 1, 2023, the Board of Directors of Mission Produce, Inc. (the “Company”) appointed Tony Bashir Sarsam to the Board of Directors as an independent Class I director with a term expiring at the Company’s 2024 Annual Meeting of Stockholders, effective August 14, 2023. In connection with this appointment, the Board of Directors also increased the size of the Board of Directors from eight to nine directors.
Mr. Sarsam has served as the President and Chief Executive Officer of SpartanNash Company (NASDAQ: SPTN), a distributor, wholesaler, and retailer with a global supply chain network, since 2020. Before joining SpartanNash, Mr. Sarsam served as Chief Executive Officer of Borden Dairy Company, a dairy processor and distributor, from 2018 to 2020, and Ready Pac Foods, a manufacturer and distributor of convenience fresh foods, from 2013 to 2018. Prior to leading Ready Pac, Mr. Sarsam was President of the Nestlé USA Direct Store Delivery Company. He has also served as Executive Vice President of Sales and Operations at Dreyer’s, which was acquired by Nestlé. Mr. Sarsam began his career at PepsiCo, where he started as an Associate Engineer and progressed through a series of leadership roles, including Plant Manager, Director of Finance, Region Vice President for Sales and Distribution, and Group Vice President of Go to Market Strategy.
Mr. Sarsam received a Bachelor of Science in Engineering from Arizona State University and a Master of Science degree in Management from Stanford University.
Mr. Sarsam will receive compensation for his service on the Board of Directors consistent with the Company’s Non-Employee Director Compensation Program filed as Exhibit 10.18 to the Company’s Form 10-Q filed on June 8, 2022. The Company also expects to enter into its standard indemnification agreement for directors with Mr. Sarsam, the form of which was filed as Exhibit 10.7 to the Company’s Form S-1 filed on September 4, 2020.
Mr. Sarsam was not selected as a director pursuant to any arrangements or understandings with the Company or with any other person, and there are no related party transactions between the Company and Mr. Sarsam that would require disclosure under Item 404(a) of Regulation S-K.
A copy of the press release announcing the appointment of Mr. Sarsam to the Board of Directors is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits
| Exhibit No. |
Description | |
| Exhibit 99.1 | Press release dated August 3, 2023 | |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MISSION PRODUCE, INC. | ||||||
| Date: August 3, 2023 |
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| /s/ Stephen J. Barnard | ||||||
| Stephen J. Barnard | ||||||
| Chief Executive Officer |
Exhibit 99.1
FOR IMMEDIATE RELEASE
MISSION PRODUCE™ APPOINTS TONY SARSAM TO BOARD OF DIRECTORS
Oxnard, Calif. – Aug. 3, 2023 – Mission Produce, Inc. (NASDAQ: AVO) (“Mission” or “the Company”), a world leader in sourcing, producing, and distributing fresh Hass avocados with additional offerings in mangos and blueberries, today announced the appointment of Tony Bashir Sarsam to its board of directors, effective August 14, 2023. Sarsam is appointed as an independent Class I director, with a term expiring at the Company’s 2024 Annual Meeting of Stockholders. In connection with this appointment, Mission Produce’s board of directors has increased the size of the board from eight to nine directors.
Sarsam is a highly strategic executive with over thirty years of experience in the food industry, including extensive operational and executive-level experience at numerous food distribution and retail companies. Since 2020, Sarsam has served as the President and Chief Executive Officer (CEO) of SpartanNash (Nasdaq: SPTN), a $9.6 billion food solutions company with 17,500 Associates and a global supply chain network. Prior to joining SpartanNash, Sarsam held executive leadership positions at companies including Borden Dairy Company, Ready Pac Foods, Nestlé USA, Direct Store Delivery Company, Dreyer’s and PepsiCo, where he built an impressive track record of driving record sales performance, leading organizational growth and transformation, and solving complex challenges with cross-functional business strategies. In addition to serving on the board of SpartanNash and the SpartanNash Foundation, Sarsam holds board positions at three non-profit organizations, including the Food Marketing Institute, Arizona State University Foundation, and Business Leaders for Michigan. He received a Master of Science in Management from Stanford University and a Bachelor of Science in Engineering from Arizona State University.
“We are pleased to welcome Tony to our board of directors at an exciting time in our company’s forty-year history,” said Steve Barnard, CEO of Mission Produce. “As Mission Produce continues to focus on our long-term strategic priorities to diversify supply and expand our marketing and distribution network, I believe Tony’s success in driving corporate performance and aligning capabilities with established growth objectives can support our progress toward our business and financial goals. His deep understanding of various business functions – including operations, supply chain, marketing, finance, sales, and corporate strategy – will provide our board and executive leadership team with invaluable insight and perspective.”
“I am thrilled to join Mission Produce’s board of directors and contribute to the Company’s position as a global leader in the avocado business,” said Sarsam. “There are many exciting opportunities for growth and innovation within the fresh produce industry, and I look forward to supporting Mission Produce’s journey to build trust and transparency in the produce supply chain.”
About Mission Produce, Inc.:
Mission Produce is a global leader in the worldwide avocado business. Since 1983, Mission Produce has been sourcing, producing and distributing fresh Hass avocados, and as of 2021, fresh mangos, to retail, wholesale and foodservice customers in over 25 countries. The vertically integrated Company owns and operates four state-of-the-art packing facilities in key growing locations globally, including California, Mexico and Peru and has additional sourcing capabilities in Chile, Colombia, the Dominican Republic, Guatemala, Brazil, Ecuador, South Africa and more, which allow the company to provide a year-round supply of premium fruit. Mission’s global distribution network includes 13 forward distribution centers that are strategically positioned in key markets throughout North America, China, Europe, and the UK, offering value-added services such as ripening, bagging, custom packing and logistical management. For more information, please visit www.missionproduce.com.
Contacts:
Investor Relations
ICR
Jeff Sonnek
646-277-1263
jeff.sonnek@icrinc.com
Media
Jenna Aguilera
Marketing and Communications Manager
Mission Produce, Inc.
press@missionproduce.com
Supporting Assets:
| - | Mission Produce logo |
| - | Steve Barnard Headshot |
| - | Tony Bashir Sarsam Headshot |