Universal Corp Appoints New CEO, Paul Johnson

TL;DR

New CEO Paul Johnson takes over Universal Corp Sept 1st, replacing George Freeman.

AI Summary

Universal Corporation announced on August 29, 2024, that its Board of Directors has appointed Mr. Paul Johnson as the new Chief Executive Officer, effective September 1, 2024. Mr. Johnson, who has been with the company for over 15 years, will also join the Board of Directors. This transition follows the planned retirement of the current CEO, Mr. George Freeman.

Why It Matters

The appointment of a new CEO can signal a shift in company strategy and leadership, impacting future performance and investor confidence.

Risk Assessment

Risk Level: medium — CEO transitions can introduce uncertainty regarding future strategy and operational execution.

Key Players & Entities

• Universal Corporation (company) — Registrant
• Paul Johnson (person) — Appointed Chief Executive Officer
• September 1, 2024 (date) — Effective date of new CEO
• George Freeman (person) — Retiring Chief Executive Officer
• August 29, 2024 (date) — Date of report
• August 23, 2024 (date) — Date of earliest event reported

FAQ

Filing Documents

• tm2422938d1_8k.htm (8-K) — 29KB
• tm2422938d1_ex99-1.htm (EX-99.1) — 16KB
• tm2422938d1_ex99-1img01.jpg (GRAPHIC) — 7KB
• 0001104659-24-094998.txt ( ) — 230KB
• uvv-20240823.xsd (EX-101.SCH) — 3KB
• uvv-20240823_lab.xml (EX-101.LAB) — 33KB
• uvv-20240823_pre.xml (EX-101.PRE) — 22KB
• tm2422938d1_8k_htm.xml (XML) — 3KB

02. Departure of Directors or Certain Officers; Election

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On August 23, 2024, the Board of Directors (the "Board") of Universal Corporation (the "Company") named Preston D. Wigner, Senior Vice President, as Chairman of the Board ("Chairman"), President and Chief Executive Officer of the Company, effective October 1, 2024. Mr. Wigner will succeed George C. Freeman, III, who notified the Board of his retirement as Chairman, President and Chief Executive Officer and as a member of the Board on August 23, 2024, with such retirement effective October 1, 2024. Mr. Freeman's retirement is not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Mr. Wigner's appointment as Chief Executive Officer 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 continue as an employee of the Company, serving as Vice Chair of the Company, a non-executive employee role, through December 31, 2024, and then as Senior Advisor, an independent contractor role, through March 31, 2025. Mr. Wigner, age 55, was appointed Senior Vice President in December 2023, after serving as Vice President since August 2007 and General Counsel and Secretary since November 2005. Mr. Wigner has been employed with the Company since March 2003. Prior to joining the Company, 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. Mr. Wigner also has been appointed as Chairman of the Executive Committee of the Board and as a member of the Finance and Pension Investment Committee of the Board,

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On August 29, 2024, the Company issued a press release regarding the leadership succession plan described above. A copy of this release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall either be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific references in such a filing.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits 99.1 Press Release, dated August 29, 2024, furnished by Universal Corporation 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

SIGNATURES 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. UNIVERSAL CORPORATION Date: August 29, 2024 By: /s/ Catherine H. Claiborne Catherine H. Claiborne Vice President, General Counsel, and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR