By Timothy S. Donahue
Top Takeaways:
• Internal promotion: Universal tapped Steven Diel, a longtime executive, as CFO following his leadership of the company’s ingredients segment and more than $350 million in acquisitions.
• Planned transition: Outgoing CFO Johan Kroner will remain through July 1, 2026, to support continuity and a smooth handoff.
• Strategy continuity: Management said Diel’s appointment reinforces financial discipline as Universal scales both its tobacco and ingredients businesses.
Universal Corporation announced that it has appointed Steven S. Diel as Senior Vice President and Chief Financial Officer, effective April 1, 2026.
Diel brings more than 25 years of experience in finance, corporate development, and business strategy. He joined Universal in 2018 as Vice President of Business Development, leading financial planning and analysis and corporate development, and overseeing more than $350 million in acquisitions that formed the foundation of the company’s ingredients segment. Most recently, he served as Vice President and CFO of Universal Ingredients, a role he assumed on January 1, 2026.
“Steve is a trusted Universal leader with significant financial expertise, a strong command of our business, and a proven record of strategic execution,” said Preston D. Wigner, chairman, president, and CEO of Universal. “His appointment as CFO reflects our confidence in his ability to lead our global finance organization, strengthen enterprise performance, and drive long-term value creation. I look forward to partnering with Steve as he steps into this role and helps accelerate our strategy and unlock additional value for our shareholders.”
In his new role, Diel will oversee Universal’s global finance organization as the company continues to balance its traditional tobacco operations with the expansion of its ingredients business.
“I am honored to become the CFO of Universal and look forward to building on the strength of our finance organization and supporting the continued execution of our strategy,” Diel said. “I have seen firsthand the talent, discipline, and commitment that power Universal’s global finance teams and drive results across our business. I look forward to partnering with Preston, executive management, the Board, and our finance teams around the world to advance our momentum as a global agriproducts leader.”
As previously announced in July 2025, current Senior Vice President and CFO Johan C. Kroner will remain with the company until July 1, 2026, serving as a senior vice president and advisor to Wigner to support a smooth transition.
“I deeply appreciate Johan’s continued support during his tenure and wish him all the best in his well-deserved retirement,” Wigner said.
Before joining Universal, Diel held senior finance and corporate development roles at several public and private companies. He previously served as chief financial officer of a private company and held leadership positions at Chicago Bridge & Iron Company N.V., Ashland, Inc., Nexeo Solutions, LLC, and World Kinect Corporation. He currently serves as chairman of the board of the Better Business Bureau of Central Virginia. Diel holds an MBA from Indiana University and a Bachelor of Science from Eastern Illinois University.
