Universal (UVV) Prnewswire·2024-08-29 20:30Leadership Transition - Preston D Wigner, currently Senior Vice President, will assume the roles of Chairman, President, and CEO effective October 1, 2024 [1] - George C Freeman III will retire from his positions as Chairman, President, and CEO, and as a Board member on October 1, 2024 [1] - Freeman will serve as Vice Chair through December 31, 2024, and as Senior Advisor through March 31, 2025 to ensure a smooth leadership transition [2] Executive Background - Wigner has over 20 years of experience at Universal, having joined in 2003 [4] - Prior to becoming Senior Vice President in December 2023, Wigner served as Vice President, General Counsel, and Secretary for nearly 20 years [4] - Wigner holds a J D from University of Richmond School of Law and a B B A in Marketing from James Madison University [4] Company Overview - Universal Corporation is a global agricultural company with over 100 years of experience [5] - The company operates in more than 30 countries across five continents, supporting over 200,000 farmers [3][5] - Universal specializes in supplying high-quality, traceable agricultural products and innovative solutions to meet customer needs [5] Strategic Direction - The leadership transition comes at a time of positive momentum following strong fiscal year results and a good start to the current fiscal year [3] - Wigner plans to advance the company's growth strategy by optimizing the tobacco business and expanding the ingredients business [3] - Universal aims to set new standards in social and environmental performance while motivating its global workforce [3] Industry Position - Universal has established itself as a trusted provider of agricultural products through its extensive supply chain expertise and global reach [5] - The company has successfully developed its Universal Ingredients business alongside its core tobacco operations [3] - Universal's sustainable supply chain operations support a diverse network of farmers and partners worldwide [5]