S&W announces appointment of Mark Herrmann as Chief Executive Officer following retirement of Mark Wong

Date:06-27-2023

S&W Seed Company (Nasdaq: SANW), a global agricultural company, announced the appointment of seed industry veteran Mark Herrmann as Chief Executive Officer, effective July 1, 2023, following the planned retirement of current CEO, Mark Wong. Wong will continue to serve as a member of S&W's Board of Directors.

"We are excited to announce the appointment of Mark Herrmann, one of the agricultural seed industry's leading executives, as S&W's new CEO," commented Alan Willits, Chairman of S&W. "Mark has a strong track record building and growing seed businesses into crop leadership positions, with a specific focus on trait technology. We look forward to his leadership as we continue to drive value in S&W's strong platform of assets."

Herrmann has more than 35 years of experience in the seed industry, including as the Chief Executive Officer of AgReliant Genetics LLC, the 3rd largest North American Seed Corn company and leader in Soybeans and other supporting crops, headquartered in Westfield, Indiana from January 2016 to July 2020. From 1999 to 2016, Herrmann held various positions at Monsanto Company and its subsidiaries including as Vice President North America Vegetable Seed, Vice President US Technology Development and Licensing, President of Corn States LLC, Director Eastern US and Director Monsanto US Seed and Trait Business. Herrmann joined the Monsanto Company through the acquisition of DEKALB Genetics Corporation in 1998, where he began his career in the seed business in 1984 with leadership roles in sales, sales management, marketing and product management.

Mark Herrmann said, "I am honored to have the opportunity to lead S&W as we embark on an exciting future for the company. I look forward to leveraging my career experiences in the seed business to bring continued positive impact to our customers, employees and shareholders."

Since January 2021, Herrmann has served as president and founder of Acumen Seed Executive Consulting LLC, a seed executive consulting firm. He currently serves on the Advisory Board of EarthSense, Inc., a private agricultural robotics company based in Champaign, Illinois. He has been extensively involved with the American Seed Trade Association, serving as a member of its Board from 2009 to 2020, a member of its Executive Board from 2015 to 2020, and as Chairman from 2016 to 2017. Herrmann also served on the NCGA Advisory Council AIG from 2008 to 2010. Mr. Herrmann holds a BS in Agronomy from Western Illinois University.

Willits continued, "We want to thank Mark Wong for his strong strategic leadership over the past six years. During this time, S&W expanded its crop portfolio through two strategic acquisitions, developed and commercialized innovative trait technologies in sorghum, and entered S&W into an exciting partnership with Shell for renewable fuel production. We look forward to his continued guidance as a member of the S&W board of directors."

Fiscal 2023 Guidance Reiterated

S&W is reiterating its previously issued guidance for fiscal 2023 revenue and adjusted EBITDA. The Company expects fiscal 2023 revenue to be within a range of $65.0 million to $75.0 million, compared to fiscal 2022 revenue of $71.4 million. Adjusted EBITDA is expected to be in the range of $(12.0) million to $(8.0) million for fiscal 2023, compared to adjusted EBITDA of $(23.8) million in fiscal 2022.