Central Garden & Pet Company Announces New Director Appointment and Stock Repurchase Authorization Increase

Central Garden & Pet Company (NASDAQ: CENT) recently filed an 8-K report with the Securities and Exchange Commission, detailing significant updates within the organization. On December 11, 2024, the company appointed Randal D. Lewis as a new member of its Board of Directors. Lewis’s appointment became effective immediately, although he has not yet been assigned to any board committees. Importantly, there are no undisclosed arrangements or relationships influencing his directorial selection, and no transactions falling under Item 404(a) of Regulation S-K, in which Mr. Lewis has a material interest, have been reported.

Moreover, the Board of Directors of Central Garden & Pet Company approved a substantial increase in the company’s stock repurchase program on the same day. The authorization for the repurchase of shares of its common stock has been raised by $100 million, resulting in a total repurchase authorization of approximately $130 million as of December 11, 2024.

This augmented repurchase scheme allows for a variety of methods, including open market purchases, privately negotiated transactions, or in compliance with Rule 10b5-1 under the Exchange Act. The decision-making process for these repurchases will be influenced by factors such as market conditions, corporate needs, and share prices. It’s important to note that the company holds the right to modify, renew, increase, suspend, or terminate the stock repurchase program at its discretion, without prior notice, as there is no set expiration date.

Central Garden & Pet Company also disclosed in the report that it had filed a press release on December 16, 2024, highlighting the appointment of a new director and the increase in the stock repurchase authorization. This move is seen as beneficial to the company and its shareholders, aiming to capitalize on what the Board perceives as an undervaluation of the company’s stock in the current market landscape.

Central Garden & Pet Company, a market leader in the pet and garden industries, remains committed to its mission of enhancing homes and communities. With a strong presence in North America, the company boasts a robust portfolio of over 65 high-quality brands, a dedicated workforce of approximately 6,450 employees, and a focus on innovation and trust within its product offerings.

Investors and stakeholders are encouraged to stay informed about Central Garden & Pet Company’s latest developments and announcements as it continues to navigate the evolving landscape of the pet and garden industries.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Central Garden & Pet’s 8K filing here.

Central Garden & Pet Company Profile

Central Garden & Pet Company produces and distributes various products for the lawn and garden, and pet supplies markets in the United States. It operates through two segments: Pet and Garden. The Pet segment provides dog and cat supplies, such as dog treats and chews, toys, pet beds and containment, grooming products, waste management, and training pads; supplies for aquatics, small animals, reptiles, and pet birds, including toys, cages and habitats, bedding, and food and supplements; products for equine and livestock; animal and household health and insect control products; aquariums and terrariums, including fixtures and stands, water conditioners and supplements, water pumps and filters, and lighting systems and accessories; and live fish and small animals, as well as outdoor cushions.