AGI Taps Former CFO for Board in Push for Strategic Turnaround

WINNIPEG, Manitoba – March 02, 2026 – In a significant strategic move, Ag Growth International Inc. (TSX: AFN) today announced the appointment of its former long-serving Chief Financial Officer, Steve Sommerfeld, to its Board of Directors. The appointment, effective immediately, is part of a broader leadership overhaul as the global agricultural equipment manufacturer seeks to sharpen its focus on operational efficiency and boost shareholder value.

The change was facilitated by the resignation of Corrine Ricard, who stepped down from the board after a tenure of less than a year. AGI noted that Ms. Ricard “graciously agreed to resign” to make way for the appointment, thanking her for her support during the company's ongoing “restructuring process.”

The Return of a Founding Architect

Steve Sommerfeld is a familiar and pivotal figure in AGI’s history. Before his departure in 2020, he served as the company's Chief Financial Officer and Executive Vice President for 23 years. Considered a “founding member” of the modern iteration of the company, he was instrumental in steering AGI’s transformation from a regional manufacturer with $2 million in revenue in 1997 into a global powerhouse with a billion-dollar revenue stream.

During his extensive tenure, Sommerfeld oversaw all financial and accounting operations, managed investor relations, and guided the company through numerous capital market activities. His leadership was a key factor in AGI's aggressive expansion, which included approximately 25 acquisitions that established the company’s manufacturing and distribution footprint across North and South America, Europe, and Asia. The press release highlighted this deep institutional memory, stating his prior involvement during the company's “formative years will be invaluable as AGI renews its focus on operational excellence and improving shareholder returns.”

His return to the fold brings not only deep company knowledge but also recent high-level experience from outside AGI. Since 2020, Sommerfeld has served as CFO of Tundra Oil & Gas Ltd., a subsidiary of the Winnipeg-based conglomerate James Richardson & Sons Limited. This role has kept him at the forefront of financial management within a large, diversified Canadian corporation, adding a fresh perspective to his foundational understanding of AGI's business.

A Board in Transition

The appointment is not an isolated event but the latest step in a significant governance shake-up at AGI that has been unfolding over the past year. This period of “board refreshment” began in April 2025 with the nomination of three new directors, including Ms. Ricard. At that time, the company also announced planned retirements for several long-standing board members, signaling a deliberate and orderly transition of its leadership.

Ms. Ricard’s tenure, though brief, was impactful. Drawing on her extensive experience at agricultural giants like Cargill and The Mosaic Company, she quickly assumed key leadership roles, serving as Chair of the Human Resources & Compensation Committee and as a member of the Audit and Nominating Committees. Her departure is viewed not as a reflection on her performance but as a strategic decision to onboard the specific skillset that Sommerfeld represents.

This board change also follows a recent shift in the executive suite. In January 2026, AGI appointed a new Interim President and formed a special committee, which included Ms. Ricard, to manage the transition. Taken together, these moves paint a clear picture of a company methodically retooling its leadership from the top down to navigate its next chapter.

Addressing Financial Headwinds

The stated goal of this “renewed focus” on operations and shareholder returns is directly tied to the company’s recent financial performance. Recent analyst reports have pointed to challenges, categorizing AGI's financial quality as weak due to high leverage, recent net losses, and negative cash flow. While the company has articulated plans to improve liquidity and free cash flow in 2026, the path forward is not without what analysts describe as “clear execution and controls-related risks.”

Bringing Sommerfeld onto the board is a direct response to these pressures. As a Chartered Professional Accountant with over two decades of experience steering AGI’s finances through periods of high growth and complex acquisitions, his presence is intended to instill a heightened sense of financial discipline and oversight. The board is betting that his unique combination of historical context and financial acumen is precisely what is needed to guide the company's operational overhaul and restore confidence among investors.

The market has reacted to the news with caution. AGI’s stock saw a slight dip in trading following the announcement, and analysts have largely maintained a “Neutral” stance. This suggests that while investors may see the logic in bringing a proven veteran back into a leadership role, they are taking a “wait and see” approach, looking for tangible evidence that these governance changes can translate into improved financial results.

As AGI continues to navigate a complex global market, the return of one of its original architects to the boardroom marks a critical moment. The company is placing a significant bet that leveraging the deep experience of its past is the surest way to secure its future, strengthen its financial standing, and deliver on its promise of enhanced value for its shareholders.