Coffee grind. (Wall Street West).Farmer Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . Co. named Roy E. Farmer, 50, as its chief executive, taking over from his father, 86-year-old Roy F. Farmer, who will remain chairman. The younger Farmer, who was president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , also inherits a fight with a group of dissident shareholders dissident shareholders Shareholders who oppose a firm's management or management policy. For example, dissident shareholders of Hewlett-Packard opposed that firm's offer to purchase Compaq Computer. that has been prodding the company to loosen its grip on a large cash hoard. The Torrance-based company won a December shareholder vote that would have reclassified it as an investment company under the Investment Company Act of 1940. In the latest skirmish, the dissidents have been citing a California state law in requesting the release of more detailed financial information than the company already places in its Securities and Exchange Commission filings. Farmers has shared some of the information with its largest institutional shareholder, Franklin Mutual Advisers Inc. of Short Hills, NJ., but required the firm to sign a confidentiality agreement. The dissidents designated a shareholder to ask for the same information, with no restrictions--and preferably pref·er·a·ble adj. More desirable or worthy than another; preferred: Coffee is preferable to tea, I think. pref in an SEC filing. Last week, the company indicated that it would accede To consent or to agree, as to accede to another's point of view. To enter an office or to accept a position, as to accede to the presidency. , although it didn't say to what degree. "We are confident the financial reports we regularly release to the public, which far exceed SEC and (Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). ) requirements, are transparent and clearly refelect our relatively straightforward, 91-year-old business," the company said in a prepared statement. "Although the need for this information is unclear, we will provide information to this investor," it said. |
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