- Push-out Score determined
- After almost nine years in the position
- Praise for Pittman
- Luca Fabbri taking over
- Pittman will remain as Executive Chairman at Farmland Partners
- Pittman said 111 words
(exechange) — Denver, Colorado, November 8, 2022 — Paul Pittman, chief executive of Farmland Partners, is set to leave his position. As announced by Farmland Partners Inc. in a news release and in a regulatory filing published on Tuesday, November 8, 2022, Paul A. Pittman will leave his post as chief executive officer at the real estate company that owns farmland, after almost nine years in the role, effective in late February 2023.
Paul Pittman’s duties as CEO will be taken over by Luca Fabbri, currently President at Farmland Partners Inc.
“Natural progression”
Paul Pittman’s departure from the CEO post is explained as follows. Pittman said: “This appointment is a natural progression in a process started with Luca’s appointment as President in 2021.”
Pittman will remain as Executive Chairman at Farmland Partners
“FPI’s current Chairman and Chief Executive Officer, Paul Pittman, will remain as Executive Chairman of the Company’s Board of Directors and as a full-time employee. Pittman and Fabbri will continue to work side-by-side to formulate corporate strategy, execute the Company’s growth plan and drive shareholder value,” Farmland Partners said.
“Transition”
Farmland Partners said: “[T]he Company’s President Luca Fabbri will become Chief Executive Officer, effective following the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which is expected to occur in late February 2023.”
Farmland Partners further said: “Paul A. Pittman, the Company’s current Executive Chairman of the Board and Chief Executive Officer, will continue to serve as Chief Executive Officer through the Transition.”
Share price increase since November 2017
The announcement follows an increase in Farmland Partners Inc.’s share price of 64% since November 2017.
In the position of CEO since 2014
Paul Pittman became CEO of the Company in 2014.
Pittman has served as the Company’s Executive Chairman and Chief Executive Officer since the Company’s initial public offering in April 2014 and served as the Company’s President until November 2021.
Since 2008, Pittman also has served as the president of American Agriculture Corporation and Pittman Hough Farms LLC.
Pittman served as the chief financial officer and executive vice president of Jazz Technologies, Inc., a semiconductor foundry, from March 2007 to September.
From December 2004 to March 2006, he served as Partner and Head of Mergers & Acquisitions at ThinkEquity Partners LLC.
From April 2000 to January 2003, he served as the President, Chief Executive Officer and Chief Operating Officer of HomeSphere, Inc., an enterprise software company.
Before TheJobsite.com, he worked in senior investment banking roles for ten years at Merrill Lynch & Co., and prior to that with Wasserstein Perella Co.
From March 1997 to February 2000, he served as Head of Emerging Markets M&A at Merrill Lynch in London, where he was responsible for origination and execution of M&A business in the region (Eastern Europe, the Middle East, the former Soviet Union and Africa).
Prior to Merrill Lynch & Co., he served as Director of M&A at Wasserstein Perella & Co. in New York and London.
Pittman began his career as an attorney at Sullivan & Cromwell as an Associate in Mergers and Acquisitions.
Pittman graduated from the University of Illinois with a B.S. degree in Agriculture, received a Masters in Public Policy from Harvard University, and a J.D. with Honors from the University of Chicago Law School.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Paul Pittman’s move on a scale of 0 to 10.
exechange reached out to Farmland Partners and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 46.2022 ($).