Universal’s George C. Freeman III Retiring in October, Preston Wigner Named Successor

George C. Freeman III, the longtime head of Universal Corp., is retiring from the tobacco giant later this year.

On Oct. 1, Freeman will leave his various roles, which include ceo, president and chairman of the board. He has served as ceo since April 2008, president since December 2006 and has been chairman since 2008. Freeman will transition to serving as vice chair through the end of 2024 and will be a senior advisor until March 31, 2025, the end of Universal’s fiscal year.

“George has played a critical role in shaping Universal into the company it is today, and we are grateful for his tremendous leadership,” said Thomas H. Johnson, lead independent director of Universal’s board, in a press release. “During the last several years, George and the senior leadership team have consistently delivered value to Universal’s shareholders by driving strong tobacco results and establishing our Universal Ingredients business. With the positive momentum from our most recent fiscal year and the strong beginning to our current fiscal year, now is the right time to implement this leadership succession.”

Replacing Freeman is Preston D. Wigner, who has been at Universal for more than two decades, serving in roles such as secretary, general counsel, vice president and currently, senior vice president. On Oct. 1, he will take over all three of Freeman’s previous roles: ceo, president and chairman. Prior to joining Universal in 2003, he worked at various law firms.

“It is a privilege to be named Chairman, President, and CEO of Universal at this exciting time in the Company’s 100-plus year history, said Wigner. “I am energized by the opportunity to lead our incredible organization and advance our growth strategy by optimizing our leading tobacco business and expanding our ingredients business. Our future success will build on the foundational work we have accomplished under George’s leadership as well as our continued efforts to develop and pursue innovative strategies, set new standards of social and environmental performance, and motivate and inspire our global workforce. I am grateful to George for his mentorship and friendship, and I look forward to continuing to work with him through the remainder of our fiscal year.”

Universal Corp. is a publicly-traded (NYSE:UVV) company with a focus in tobacco growing and services. The company’s Universal Leaf division has operations in more than 30 countries that grow, process and supply tobacco to various industries. Lancaster Leaf, Universal’s dark air-cured tobacco division, is one of the most important tobacco suppliers to the premium cigar industry.