Universal Corporation (NYSE: UVV), a global business-to-business agriproducts company, today announced that its Board of Directors has approved a leadership succession plan. Under the plan, Preston D. Wigner, who has been with Universal for more than 20 years and currently serves as the Company's Senior Vice President, will become Chairman, President, and Chief Executive Officer, effective October 1, 2024. At that time, George C. Freeman, III, will retire from his longtime roles as Chairman, President, and CEO and as a member of the Board.
Mr. Wigner's appointment as CEO is the culmination of a succession planning process conducted by the Board and assisted over the last two years by a global leadership advisory firm. To support a seamless transition of leadership, Mr. Freeman will serve as Vice Chair of the Company through December 31, 2024, and then as a Senior Advisor through the Company's fiscal year-end on March 31, 2025.
"George has played a critical role in shaping Universal into the company it is today, and we are grateful for his tremendous leadership," said Thomas H. Johnson, Lead Independent Director of Universal's Board. "During the last several years, George and the senior leadership team have consistently delivered value to Universal's shareholders by driving strong tobacco results and establishing our Universal Ingredients business. With the positive momentum from our most recent fiscal year and the strong beginning to our current fiscal year, now is the right time to implement this leadership succession."
Mr. Johnson continued, "We are delighted to name Preston as our next Chairman, President, and CEO. Preston has been a valued member of Universal's senior leadership team for many years. With significant tobacco industry experience, active involvement in our ingredients business strategy from its inception, and deep familiarity with our global organization, Preston has the right mix of skills and expertise to drive Universal forward."
Mr. Wigner commented, "It is a privilege to be named Chairman, President, and CEO of Universal at this exciting time in the Company's 100-plus year history. I am energized by the opportunity to lead our incredible organization and advance our growth strategy by optimizing our leading tobacco business and expanding our ingredients business. Our future success will build on the foundational work we have accomplished under George's leadership as well as our continued efforts to develop and pursue innovative strategies, set new standards of social and environmental performance, and motivate and inspire our global workforce. I am grateful to George for his mentorship and friendship, and I look forward to continuing to work with him through the remainder of our fiscal year."
"It has been an honor to lead Universal in building and growing our portfolio of agriproducts and extending our sustainable supply chain operations to now support more than 200,000 farmers over five continents," said Mr. Freeman. "We have made incredible advances in the 27 years I have been with Universal, and I thank our talented employees around the world who work tirelessly for all our stakeholders. As I prepare to leave the Board, I would also like to thank each Director for their support and guidance as we have worked to position the Company for success. I have worked closely with Preston, and my decision to retire is made with the utmost confidence in his ability to advance Universal's strategy with the support of the Board and management team and deliver long-term value for our shareholders. I look forward to supporting a smooth transition."
About Preston D. Wigner
Mr. Wigner brings over two decades of industry experience, having joined the Company in 2003. He was appointed Senior Vice President of Universal in December 2023, after serving as the Company's Vice President, General Counsel, and Secretary for nearly 20 years. Prior to joining Universal, Mr. Wigner served as an associate with the law firms Williams Mullen and Hunton Andrews Kurth (formerly Hunton & Williams). Mr. Wigner received his J.D. from the University of Richmond School of Law and holds a B.B.A. in Marketing from James Madison University.
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