8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 3, 2023

MISSION PRODUCE, INC.

(Exact name of Registrant as specified in its charter)

Delaware	001-39561	95-3847744
(State or Other Jurisdiction of Incorporation or Organization)	(Commission file number)	(IRS Employer Identification No.)

2710 Camino Del Sol, Oxnard, CA	93030
(Address of Principal Executive Offices)	(Zip code)

Registrant’s telephone number, including area code: (805) 981-3650

(Former name or former address, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	AVO	NASDAQ Global Select Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On August 1, 2023, the Board of Directors of Mission Produce, Inc. (the “Company”) appointed Tony Bashir Sarsam to the Board of Directors as an independent Class I director with a term expiring at the Company’s 2024 Annual Meeting of Stockholders, effective August 14, 2023. In connection with this appointment, the Board of Directors also increased the size of the Board of Directors from eight to nine directors.

Mr. Sarsam has served as the President and Chief Executive Officer of SpartanNash Company (NASDAQ: SPTN), a distributor, wholesaler, and retailer with a global supply chain network, since 2020. Before joining SpartanNash, Mr. Sarsam served as Chief Executive Officer of Borden Dairy Company, a dairy processor and distributor, from 2018 to 2020, and Ready Pac Foods, a manufacturer and distributor of convenience fresh foods, from 2013 to 2018. Prior to leading Ready Pac, Mr. Sarsam was President of the Nestlé USA Direct Store Delivery Company. He has also served as Executive Vice President of Sales and Operations at Dreyer’s, which was acquired by Nestlé. Mr. Sarsam began his career at PepsiCo, where he started as an Associate Engineer and progressed through a series of leadership roles, including Plant Manager, Director of Finance, Region Vice President for Sales and Distribution, and Group Vice President of Go to Market Strategy.

Mr. Sarsam received a Bachelor of Science in Engineering from Arizona State University and a Master of Science degree in Management from Stanford University.

Mr. Sarsam will receive compensation for his service on the Board of Directors consistent with the Company’s Non-Employee Director Compensation Program filed as Exhibit 10.18 to the Company’s Form 10-Q filed on June 8, 2022. The Company also expects to enter into its standard indemnification agreement for directors with Mr. Sarsam, the form of which was filed as Exhibit 10.7 to the Company’s Form S-1 filed on September 4, 2020.

Mr. Sarsam was not selected as a director pursuant to any arrangements or understandings with the Company or with any other person, and there are no related party transactions between the Company and Mr. Sarsam that would require disclosure under Item 404(a) of Regulation S-K.

A copy of the press release announcing the appointment of Mr. Sarsam to the Board of Directors is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit     No.	Description
Exhibit 99.1	Press release dated August 3, 2023
Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	MISSION PRODUCE, INC.
Date: August 3, 2023
	/s/ Stephen J. Barnard
	Stephen J. Barnard
	Chief Executive Officer

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

MISSION PRODUCE^™ APPOINTS TONY SARSAM TO BOARD OF DIRECTORS

Oxnard, Calif. – Aug. 3, 2023 – Mission Produce, Inc. (NASDAQ: AVO) (“Mission” or “the Company”), a world leader in sourcing, producing, and distributing fresh Hass avocados with additional offerings in mangos and blueberries, today announced the appointment of Tony Bashir Sarsam to its board of directors, effective August 14, 2023. Sarsam is appointed as an independent Class I director, with a term expiring at the Company’s 2024 Annual Meeting of Stockholders. In connection with this appointment, Mission Produce’s board of directors has increased the size of the board from eight to nine directors.

Sarsam is a highly strategic executive with over thirty years of experience in the food industry, including extensive operational and executive-level experience at numerous food distribution and retail companies. Since 2020, Sarsam has served as the President and Chief Executive Officer (CEO) of SpartanNash (Nasdaq: SPTN), a $9.6 billion food solutions company with 17,500 Associates and a global supply chain network. Prior to joining SpartanNash, Sarsam held executive leadership positions at companies including Borden Dairy Company, Ready Pac Foods, Nestlé USA, Direct Store Delivery Company, Dreyer’s and PepsiCo, where he built an impressive track record of driving record sales performance, leading organizational growth and transformation, and solving complex challenges with cross-functional business strategies. In addition to serving on the board of SpartanNash and the SpartanNash Foundation, Sarsam holds board positions at three non-profit organizations, including the Food Marketing Institute, Arizona State University Foundation, and Business Leaders for Michigan. He received a Master of Science in Management from Stanford University and a Bachelor of Science in Engineering from Arizona State University.

“We are pleased to welcome Tony to our board of directors at an exciting time in our company’s forty-year history,” said Steve Barnard, CEO of Mission Produce. “As Mission Produce continues to focus on our long-term strategic priorities to diversify supply and expand our marketing and distribution network, I believe Tony’s success in driving corporate performance and aligning capabilities with established growth objectives can support our progress toward our business and financial goals. His deep understanding of various business functions – including operations, supply chain, marketing, finance, sales, and corporate strategy – will provide our board and executive leadership team with invaluable insight and perspective.”

“I am thrilled to join Mission Produce’s board of directors and contribute to the Company’s position as a global leader in the avocado business,” said Sarsam. “There are many exciting opportunities for growth and innovation within the fresh produce industry, and I look forward to supporting Mission Produce’s journey to build trust and transparency in the produce supply chain.”

About Mission Produce, Inc.:

Mission Produce is a global leader in the worldwide avocado business. Since 1983, Mission Produce has been sourcing, producing and distributing fresh Hass avocados, and as of 2021, fresh mangos, to retail, wholesale and foodservice customers in over 25 countries. The vertically integrated Company owns and operates four state-of-the-art packing facilities in key growing locations globally, including California, Mexico and Peru and has additional sourcing capabilities in Chile, Colombia, the Dominican Republic, Guatemala, Brazil, Ecuador, South Africa and more, which allow the company to provide a year-round supply of premium fruit. Mission’s global distribution network includes 13 forward distribution centers that are strategically positioned in key markets throughout North America, China, Europe, and the UK, offering value-added services such as ripening, bagging, custom packing and logistical management. For more information, please visit www.missionproduce.com.

Contacts:

Investor Relations

ICR

Jeff Sonnek

646-277-1263

jeff.sonnek@icrinc.com

Media

Jenna Aguilera

Marketing and Communications Manager

Mission Produce, Inc.

press@missionproduce.com

Supporting Assets:

- Mission Produce logo

- Steve Barnard Headshot

- Tony Bashir Sarsam Headshot

XML

Document and Entity Information	Aug. 03, 2023
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001802974
Document Type	8-K
Document Period End Date	Aug. 03, 2023
Entity Registrant Name	MISSION PRODUCE, INC.
Entity Incorporation State Country Code	DE
Entity File Number	001-39561
Entity Tax Identification Number	95-3847744
Entity Address, Address Line One	2710 Camino Del Sol
Entity Address, City or Town	Oxnard
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93030
City Area Code	(805)
Local Phone Number	981-3650
Security 12b Title	Common Stock, par value $0.001 per share
Trading Symbol	AVO
Security Exchange Name	NASDAQ
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false