Calavo Growers (CVGW) Announces Retired Chairman/CEO Lecil E. Cole to Step Down from Board

January 28, 2021 5:13 PM EST

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Calavo Growers, Inc. (NASDAQ: CVGW) today announced that Lecil E. Cole has notified the Company of his decision to step down from Calavo’s Board of Directors effective March 1, 2021.

Before his retirement in early 2020, Mr. Cole had led the board as Chairman since 1989, and had served as Calavo’s President and Chief Executive Officer since 1999, leading the company through many years of tremendous growth. Mr. Cole had been a member of the Board of Directors since 1982.

“Lee’s contributions to Calavo cannot be overstated. For decades he was an exceptional steward of our company, building on our proud legacy as the first name in avocados. He set the stage for remarkable growth, taking us from a small grower co-op to a $1 billion company, and positioned Calavo to capitalize on the changing landscape for avocados. I feel privileged to have worked alongside him these many years,” said J. Link Leavens, Chairman of Calavo’s Board of Directors. “We extend to him gratitude on behalf of our board, our management, our growers, our employees and our shareholders.”

James Gibson, Chief Executive Officer of Calavo, added, “We were incredibly grateful for Lee’s willingness to remain as a member of the Board following his announced retirement as Chief Executive Officer and Chairman. His mentorship was integral in the smooth transfer of leadership. We wish him and his family all the best in retirement and look forward to our continuing grower relationship.”

Following this change, Calavo’s Board will be comprised of 11 directors, seven of whom will qualify as independent directors under the independence standards of The Nasdaq Stock Market.



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