- H. Lynn Horak, based in West Des Moines, Iowa, is the retired Regional Chairman with Wells Fargo Regional Banking
- Mr. Horak has served in many positions with Wells Fargo Bank, including Executive Vice President, Chief Financial Officer, President and Chief Executive Officer
- Mr. Horak brings more than 30 years of executive leadership experience and a critical understanding of credit markets, consumer behavior and retail analysis
- Donald E. Frieson, based in Bradenton, Florida, is the former Executive Vice President of Operations of Sam's Club, a division of Walmart Inc.
- Mr. Frieson brings over 30 years of operations and logistics experience, including 18 years at Walmart, one of the world's largest retailers
- At Walmart, Mr. Frieson led operations of the $50 billion Sam's Club division, including the successful integration of Massmart Holdings Limited
- David K. Lenhardt, based in Phoenix, Arizona, is the former President and Chief Executive Officer of PetSmart, Inc.
- Mr. Lenhardt has over 14 years of senior leadership and retail experience at PetSmart, including two years as CEO; he also previously served on the PetSmart Board
- At PetSmart, Mr. Lenhardt led the transformation to a comprehensive digital model and built a differentiated pet services business
- Allison M. Wing, based in Minneapolis, Minnesota, is the former Chief Marketing Lead Officer and Executive Vice President of Digital Channels at Ascena Retail Group, Inc.
- Ms. Wing designed and launched a comprehensive digital strategy at Ascena Retail Group after founding and leading a separate retail company
- Ms. Wing has over 25 years of experience in marketing, digital engagement and e-commerce in the retail sector
Terry W. Handley, President and Chief Executive Officer of Casey's, said, "Our new directors join a Board and management team that are keenly focused on generating increased long-term value for shareholders through key initiatives - such as digital engagement and price optimization programs - to accelerate same-store sales growth and improve Casey's financial and operational performance. We are confident that through these initiatives, as well as Casey's new store construction and acquisition activity, Casey's will be well-positioned to build on its strong track record and continue generating sustainable shareholder value for years to come."Mr. Handley added, "With today's additions to our Board, Casey's has the right team in place to provide the necessary oversight and governance to successfully embark on its next chapter. I strongly believe that we have a clear and actionable strategic plan to drive shareholder value, and I look forward to working with our new and existing directors and our management team to execute on this plan." In connection with the new director appointments, three incumbent Casey's directors - departing Chairman Robert J. Myers, William C. Kimball, and Jeffrey M. Lamberti - have retired from the Board. Mr. Horak added, "It's been a true privilege and honor to work alongside Bill, Jeff, and of course, Bob, who has spent almost 30 years with the Company, including nearly a decade as Casey's CEO. They instilled in Casey's a relentless focus on operational execution and disciplined growth. These directors were part of a Board that oversaw compounded annual EBITDA growth of 11% and total shareholder returns of approximately 380% throughout their tenure together. Their contributions to Casey's over the years have been truly invaluable, and we intend to carry their legacy forward. We sincerely thank them for their service to the Company." With these changes, Casey's nine-member Board includes eight independent directors, four of whom were added within the last two years. The Board collectively brings a broad range of consumer/retail, digital marketing, operations, M&A, finance and accounting expertise as well as broad geographic diversity. Casey's directors have an average Board tenure of four years.
Additional Governance ChangesCasey's also announced a number of other enhancements to its corporate governance and shareholder rights practices, including:
- Adopting Proxy Access
- Adopting majority voting in director elections (subject to shareholder approval)
- Implementing director age limitations
- Implementing director tenure limitations
Forward Looking StatementsCertain statements in this news release, including any discussion of expectations for future periods, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from future results expressed or implied by those statements. Casey's disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.