Limoneira (LMNR) Announces Board Changes

The Board of Directors of Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, today announced the retirement of Elizabeth Blanchard Chess from the Company’s Board of Directors (the “Board”), effective January 1, 2024. Peter J. Nolan has been appointed to the Board, effective January 1, 2024, to fill the vacancy created by the retirement of Ms. Chess. Mr. Nolan will also serve as a member of the Board’s Audit and Finance Committee and Risk Management Committee. Following the appointment of Mr. Nolan, the Board will be comprised of seven directors, six of whom are independent.

Limoneira Chairperson of the Board, Scott S. Slater, stated, “We thank Betsy for her insight and guidance during her seven years as a member of the Board and are very pleased that she will continue to serve our Company as a consultant in important community outreach efforts. Betsy has extensive experience and knowledge of the Santa Paula and Ventura County communities and will serve as a community relations and corporate communication consultant, managing certain philanthropic efforts for Limoneira and representing the Company at civic, media and other community events. We are pleased to welcome Peter and believe he will be a valuable asset in guiding the Company as we continue to execute against our strategic roadmap to enhance near and long-term value and commence the exploration of potential strategic alternatives aimed at maximizing value for our stockholders.”

Peter Nolan, Chairman of Nolan Capital, Inc. commented, “I am excited to be joining the Board of Limoneira as it enters this phase of exploring ways to unlock additional value for stockholders.”

Mr. Nolan currently serves as the chairman of Nolan Capital, Inc., which he founded in 2014 as the holding company for his family office to make long term investments in growth-oriented companies. Mr. Nolan also serves as a Senior Advisor to Leonard Green & Partners (“LGP”). Mr. Nolan joined LGP as a Managing Partner in 1997. Previously, Mr. Nolan was a Managing Director and Co-Head of DLJ’s (now Credit Suisse) Los Angeles Investment Banking Division, which he joined in 1990. Prior to DLJ, Mr. Nolan was a First Vice President in corporate finance at Drexel, Burnham, Lambert in Beverly Hills from 1986 to 1990, a Vice President at Prudential Securities, Inc. from 1982 to 1986 and an Associate at Manufacturers Hanover Trust Company. Mr. Nolan serves as Chairman of Diamond Wipes International, Ortega National Parks, Fresh Brothers, and Country Supplier which owns both C-A-L Ranch Stores and Coastal Farm & Ranch. He is also the controlling shareholder of Water Engineering. Mr. Nolan currently serves on the Board of Directors of AerSale Holdings, Inc. Mr. Nolan serves as a trustee of the United States Olympic and Paralympic Foundation. He earned a Bachelor of Science degree in Agricultural Economics and Finance from Cornell University and an M.B.A. from the Johnson Graduate School of Management at Cornell University.

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