MGP Ingredients Announces CEO Gus Griffin’s Retirement Plans and Board Names David Colo as Successor

ATCHISON, Kan., Feb. 11, 2020 (GLOBE NEWSWIRE) -- MGP Ingredients, Inc. (Nasdaq:MGPI), a leading supplier of premium distilled spirits and specialty wheat proteins and starches, announced today Chief Executive Officer Gus Griffin’s plans to retire from the Company and its Board at the Company’s annual meeting of stockholders on May 21, 2020. The Board named David Colo, currently a director of MGP, as President and Chief Operating Officer effective March 16 until he assumes the role of CEO upon Griffin’s retirement in May.

Griffin became CEO in July 2014. Under his leadership, the Company developed and successfully implemented a new long-term strategic plan that produced significant improvements in the Company’s financial results while also establishing a strong foundation for future growth.  Griffin’s retirement timeline is consistent with the fixed term set out in his 2017 employment agreement, which permitted the Board to plan for an orderly succession.   

“I’m extremely proud of what we’ve accomplished during my time at MGP,” Griffin said.  “I feel very fortunate to have had the opportunity to lead such a talented, passionate and collaborative organization.  I also appreciate the strong ongoing support of our Board.  I’ve worked closely with Dave since he joined the Board and am confident he will be a terrific successor in leading MGP. I look forward to supporting Dave during his transition.”

Karen Seaberg, Chairman of the Board of MGP, expressed thanks for Griffin’s leadership. “On behalf of the Board of Directors, our employees, and MGP’s stakeholders, I express my gratitude to Gus for his success in leading the Company. Gus joined at a critical time in our history. He focused the entire organization on a clear strategy, led its successful implementation, and, very importantly, helped restore MGP’s special culture. We are well-positioned for the next chapter in our story. We sincerely thank Gus for his years of dedicated service to MGP and the lasting contributions he has made to the Company.”

“As we prepared for Gus’s planned retirement, the Board unanimously agreed that David was best suited to lead MGP,” continued Seaberg. “Our deliberate succession planning process has enabled us to ensure a seamless transition.  The Board is confident that David’s leadership will positively impact our employees, customers and shareholders into the future.”