One of the best I've seen, has trained his replacements and is retiring. A more than well-deserved event .
May his replacements duplicate his track record.
Good to see he will remain a large shareholder!
Armanino Foods of Distinction, Inc. Doug Nichols to Retire as Chairman of Armanino FoodsHAYWARD, Calif.--(BUSINESS WIRE)-- Armanino Foods of Distinction, Inc. (OTCQX: AMNF) today announced that Doug Nichols, longtime Director and Chairman of the Board, will retire effective August 15, 2025. Mr. Nichols has been a shareholder since 1992, a Board member since 2001, and has served as Chairman since 2009, succeeding Company founder William J. Armanino.
During Mr. Nichols’ 24-year tenure on the Board, Armanino Foods delivered a total shareholder return of over 12,200% including dividends and dividends reinvested, representing a compound annual growth rate of 22%. Mr. Nichols was primarily responsible for initiating the Company’s quarterly dividend program, which recently marked its 100th consecutive quarterly payment. He was also a catalyst and a driving force behind all 11 special dividends declared before and during his time on the Board, underscoring the Company’s consistent shareholder-focused philosophy.
Nichols also spearheaded the launch of Armanino’s initial share repurchase program many years ago and has remained a strong supporter of the Company’s current ongoing buyback strategy.
“We started with specials because we didn’t want to disappoint shareholders if we couldn’t sustain it,” said Nichols. “That was before I joined the Board, but I was a catalyst on all of them, too. After 100 consecutive quarterly dividends paid, I am very proud of our track record!”
Mr. Nichols led the Company through sustained growth, expanded operations, and enhanced governance practices. He has long championed conservative financial management and consistent shareholder returns.
Reflecting on his retirement, Nichols added: “First and foremost, I’d like to remember company founder William Armanino, longtime CEO Edward Pera, current Board member Debbie Armanino LeBlanc, and longtime company counsel Mark Cassanego. They’ve all been good buddies, and between us, we’ve run a pretty good food company. I certainly wasn’t the food expert!”
He also praised current and recent Board members: “James Ford’s energy and business knowledge have been indispensable to me as I’ve planned my retirement. John Micek has been a steadying force as an advisor and Audit Chair. I can never thank Al Banisch enough for chairing the compensation committee these last few years. And Tony Muscato has brought a level of food company operational expertise that has significantly elevated the Board’s ability to assist management.”
Nichols offered special recognition to the Company’s new CEO: “Deanna Jurgens has brought a new level of enthusiasm that’s hard for me to keep up with. She is a fantastic, creative, talented, and disciplined leader. It’s a very, very exciting time for Armanino Foods.”
He concluded: “This is the best management and board team we’ve ever had. It’s a great time for an old guy to move on—as it’s time-consuming just trying to keep up! I will miss seeing all my friends. The shareholders are in very, very good hands.”
Mr. Nichols will remain a significant shareholder and supporter of the Company. The Board of Directors expects to announce succession plans soon.
Few Chairman will have his record and "Conservative" is such a positive description of his great track record.
"Thank You" Mr. Doug Nichols, from a 9 year stockholder who greatly benefitted from your excellence!
Bob |
