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Universal Corporation filed an amended report to update compensation details for its incoming Senior Vice President and Chief Financial Officer, Steven S. Diel, effective April 1, 2026. His compensation package includes a $490,000 annual base salary, a $350,000 annual target bonus, and $560,000 in target annual long-term equity awards.
He will also receive a one-time restricted stock unit grant valued at approximately $1.2 million on the effective date, based on the volume-weighted average stock price from January 31, 2026 to March 31, 2026. These RSUs will vest in three equal installments on April 1 of 2027, 2028, and 2029, subject to continued employment, and will accrue dividend equivalents that vest only when the underlying units vest.
Universal Corp (UVV) director Robert C. Sledd reported an open-market sale of 1,000 shares of common stock. The shares were sold at an average price of $53.9472 per share on February 26, 2026. After this transaction, he directly owns 14,768 shares, which include restricted stock units, restricted stock and related dividend equivalent units.
UVV submitted a Form 144 notice reporting a proposed sale of 1,000 common shares through Wells Fargo Clearing Services on 02/26/2026 on the NYSE. The filing also lists prior compensatory issuances of 548 and 452 common shares dated 08/02/2021 and 08/03/2022, respectively.
Universal Corp director Lennart R. Freeman sold 3,746 shares of common stock in an open-market transaction. The sale took place at a weighted average price of $53.4514 per share, with individual trade prices ranging from $53.4467 to $53.4750.
After this sale, Freeman directly owns 15,993 shares of Universal Corp common stock, which includes 2,290 restricted stock units and 70 dividend equivalent units earned on those restricted stock units.
Universal Corporation reported softer quarterly results as tobacco volumes and margins declined from unusually strong prior-year levels. For the quarter ended December 31, 2025, sales fell to $861.3 million from $937.2 million, and operating income declined to $82.0 million from $104.1 million.
Net income attributable to Universal dropped to $33.2 million from $59.6 million, with diluted EPS down to $1.32 from $2.37, mainly due to lower tobacco sales volumes and higher inventory write-downs, partly offset by lower expenses and favorable currency.
The Tobacco Operations segment remained the earnings driver, generating segment operating income of $84.0 million in the quarter and $185.0 million for the nine months, both below last year on reduced volumes. Ingredients Operations revenue was broadly flat in the quarter, but segment operating income slipped to a small loss on higher fixed costs and market headwinds.
Year-to-date, revenue was $2,209.2 million versus $2,245.0 million, and operating income was $183.4 million versus $190.0 million. The company also put in place a new bank credit agreement with a $780 million five-year revolving facility and two fully funded term loans totaling $620 million, extending maturities and fixing interest on part of the debt through interest rate swaps.
Universal Corporation reported softer results for the quarter and nine months ended December 31, 2025, and announced a CFO transition. Third-quarter sales were $861.3 million, down 8% year over year, with operating income of $82.0 million and net income attributable to Universal of $33.2 million, a 44% decline. Diluted EPS fell to $1.32 from $2.37.
For the nine-month period, sales were $2.21 billion, down 2%, and net income attributable to Universal was $75.9 million, down 11%, with diluted EPS of $3.02. Tobacco operations remained the main earnings driver but faced lower volumes, oversupply in several tobacco styles, and higher inventory write-downs. Ingredients revenue grew 7% year to date but margins were pressured by higher fixed costs and market headwinds.
Universal reduced total debt by $77 million versus a year earlier and refinanced and upsized its revolving credit facility by $250 million, leaving about $595 million available at December 31, 2025. The company also highlighted a nearly sixfold increase in renewable electricity use to 17.7% of global consumption. The board elected Steven S. Diel as Senior Vice President and Chief Financial Officer effective April 1, 2026, while current CFO Johan C. Kroner will remain as Senior Vice President until his July 1, 2026 retirement to support a smooth transition.
Universal Corporation disclosed that it has withdrawn its previously announced offer of employment to Anubhav Mittal, who had been elected Senior Vice President and Chief Financial Officer effective February 17, 2026. As a result, Johan C. Kroner will continue serving as Senior Vice President and Chief Financial Officer until a successor is elected. The company indicated that, based on its recent executive search, it expects to elect a new CFO in the near term, leaving its current finance leadership in place for now.
Universal Corporation appointed Anubhav Mittal as Senior Vice President and Chief Financial Officer, effective February 17, 2026, as part of a planned transition following the previously announced retirement of current CFO Johan C. Kroner on July 1, 2026. Kroner will step down from the CFO role on the effective date but remain a Senior Vice President to support the handover.
Mittal joins from Archer Daniels Midland, where he held senior finance and M&A roles. His compensation includes a $650,000 annual base salary, a $500,000 annual target bonus, and targeted annual long-term equity awards of $850,000 beginning in May 2026. On the effective date, he will receive a one-time grant of restricted stock units with an approximate value of $2 million, vesting in three equal installments on May 19 of 2026, 2027, and 2028, plus a $600,000 signing bonus subject to repayment if he resigns voluntarily or is terminated for cause within 24 months.
Universal Corporation entered into a new unsecured bank Credit Agreement that replaces its prior syndicated facility. The new agreement provides a five-year term loan A-1 facility of $275,000,000, a seven-year term loan A-2 facility of $345,000,000, and a five-year revolving credit facility of $780,000,000, including sublimits for letters of credit and swingline borrowings. Interest is based on either a base rate or Adjusted Term SOFR plus a margin that varies with the company’s leverage, with specified initial margins applying until financial statements for the quarter ending on or about December 31, 2025 are delivered. The company used borrowings under the new facility to repay and terminate its existing credit agreement and expects to use ongoing availability for general corporate purposes, including acquisitions, investments, debt prepayments, and working capital.