Yesterday, leading supplier of premium dispensable coffee and tea-based beverages Javo® Beverage Company, Inc. announced two new appointments: Ronald S. Beard as Chairman of its Board of Directors and Stanley L. Greanias as Interim Chief Executive Officer. In other news, Gary Lillian will continue as President, and Founder and former Chairman and Chief Executive Officer Cody Ashwell resigned from the Company and its Board of Directors to focus on a new business venture.

Since 2004, Ronald Beard has been a director of the company, serving as the Chairman of the Compensation Committee and a member of the Executive Committee. Mr. Beard is also the Chairman of the Board of Directors of Callaway Golf Company, where he has served as a Director since June 2001. Mr. Beard is a retired former partner of the law firm of Gibson, Dunn & Crutcher LLP.

Beard remarked, “I have had the pleasure of working closely with Cody over several years and I am grateful for his leadership and invaluable contributions. I wish Cody continued success in his new endeavors.”

Mr. Greanais also brings extensive experience with his appointment. Since 2009, Mr. Greanias has served as President and Chief Executive Officer of the Greek American Restaurant Cooperative; from 2005 to 2007, he served as the President and Chief Executive Officer of Grecian Delight Foods, Inc. In the past, from 1999 to 2003, he was the Vice President of Sara Lee Corporation and the Chief Executive Officer of Sara Lee Coffee and Tea, North America. From 1990 to 1999, he was Group President of Sara Lee Coffee and Tea, North America and from 1985 to 1990, the President and CEO of Superior Coffee. From 1992 to 1993, Mr. Greanias served as the chairman of the National Coffee Association.

Greanais commented, “I am excited to join the Company in this capacity and look forward to working with the management team and Board as we plan to move Javo to the next chapter of profitable growth. Having spent the majority of my career in the coffee and tea industry, I believe Javo’s innovative products position the Company well to further penetrate existing accounts, and add new ones, within the $7 billion U.S. foodservice market.”

Regarding Javo’s new appointments, Cody C. Ashwell, former Chairman and CEO of Javo Beverage Company, stated, “Stan Greanias brings a wealth of industry experience to Javo and represents a tremendous opportunity for the Company. As a shareholder of the Company, I fully support the management team, Stan and Ron, as we move forward to this next stage of Javo’s growth. As the founder of Javo, I am immensely proud to have led this company from inception, through commercialization of its products, capitalization, intellectual property development, and the creation of its national customer base, to its position today as a leader in the dispensed beverage industry. I depart with confidence that a strong management team and competitively superior products provide a solid foundation for building operating profits and shareholder value.”