Shares of Newport Beach agricultural chemical specialist American Vanguard Corp. were up 10% Friday after making an adjustment to its sales team.
The company’s Chief Operating Officer Trevor Thorley will take over as head of sales and marketing July 1.
Thorley will keep his traditional duties, which include overseeing technology, regulatory issues, manufacturing and administration, the company said.
Former sales leader Chris Hildreth will resign at the end of June, while staying with the company for special projects and consulting.
American Vanguard makes chemicals that help farmers keep bugs off crops.
For the first quarter American Vanguard posted sales of $45 million, up about 10% from a year earlier.
Profits for the quarter were $700,000, down 59% from a year earlier. Charges were made for the evaluation of strategic opportunities, according to the company.
“We will continue to seek products that can strengthen our portfolio. We will continue to explore and pursue international and non-crop expansion opportunities,” said Eric Wintemute, president and chief executive.
Wintemute, a Long Beach native and chemist by training, along with his father, Glenn Wintemute, who was co-chairman and also president of the company from 1984 to 1994, own the biggest piece of American Vanguard at about 12%.
It had a recent market value of about $285 million.
