Alliance One International (AOI) shareholders have approved changing the leaf merchant’s corporate name to Pyxus International, Inc., and the company’s Board of Directors has approved leadership changes, AOI said in a press release.
According to the press release, AOI will begin using the new corporate name on 12 September, at which time AOI shares will be traded under the symbol PYX. Alliance One will remain the brand name for Pyxus International’s tobacco leaf business, AOI said.
"Our transition to Pyxus International is a significant milestone in our 'One Tomorrow' transformation journey,” Pieter Sikkel, president and chief executive officer of the company, said, referring to the leaf merchant’s initiative to broaden its portfolio and adapt to changes in the tobacco industry. “As we continue broadening our business portfolio by focusing on consumer-driven agricultural products, the new organisation will enable us to become the trusted provider of responsibly produced, independently verified, sustainable and traceable agricultural products, ingredients and services," he said.
Shareholders approved the name change at the company’s annual shareholder meeting on 16 August and AOI said its Board of Directors also approved changes to its leadership. Pieter Sikkel, president and chief executive officer, has been appointed Chairman of the Board, replacing Mark Kehaya. Board member Jeffrey A. Eckmann will assume the role of lead independent director, currently held by C. Richard Green, Jr. Both Kehaya and Green will remain board members, AOI said.
"Pieter has done an incredible job leading our company through our 'One Tomorrow' transformation, and I am pleased that he is taking over as Chairman of the Board," Kehaya commented in the press release. In turn, Sikkel expressed the Board’s gratitude to Kehaya: "On behalf of the entire board, I want to thank Mark for his outstanding leadership in driving our company forward through the transformation as well as his guidance and support during his years as Interim CEO for the company. We are honoured to have his continued counsel and service as a director," Sikkel said, also thanking Green for his contribution as lead independent director.