DAVIDsTEA Announces Planned Departure of President and Chief Executive Officer
October 21 2016 - 08:30AM
DAVIDsTEA Inc. (“DAVIDsTEA” or the “Company”) (Nasdaq:DTEA) today
announced that Sylvain Toutant, the Company’s President and Chief
Executive Officer, will be leaving the Company to pursue other
interests. It is the intention of both the Company and Mr.
Toutant that he will serve in his current role until the end of the
current fiscal year. Upon the effective date of his departure, Mr.
Toutant will also cease his directorship held with the Company.
Maurice Tousson, Chairman of the Company’s Board of Directors,
stated, “Sylvain has been instrumental in expanding the DAVIDsTEA
brand and executing against our key priorities as well as
navigating our transition from private to public ownership.
He has assembled a talented and capable team across all functional
areas of the organization. We would like to thank him for his
many contributions and wish him the best in his future endeavors.
We will be conducting a North America-wide search for a
successor.”
Sylvain Toutant added, “This decision to move on has not been an
easy one to make, but it is the right one from a personal
standpoint and for my family. DAVIDsTEA is fortunate to have
a bench of talent across the company and a team that is so
passionate about its purpose and mantra. It has been a
privilege to work with each and every one of them to drive growth
and awareness of this unique and special brand.”
About DAVIDsTEA
DAVIDsTEA is a fast-growing retailer of specialty tea, offering
a differentiated selection of proprietary loose-leaf teas,
pre-packaged teas, tea sachets and tea-related gifts, accessories
and food and beverages, primarily through 208 company-operated
DAVIDsTEA stores throughout Canada and the United States as of July
30, 2016, and its website, davidstea.com. The Company is
headquartered in Montréal, Canada.
Forward-Looking Statements
This press release includes forward-looking statements. These
forward-looking statements generally can be identified by the use
of words such as “anticipate,” “expect,” “plan,” “could,” “may,”
“will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and
other words of similar meaning. These forward-looking statements
address various matters including management’s beliefs about the
Company’s growth prospects, product offerings and financial
guidance for the coming fiscal quarter and fiscal year. The Company
cannot assure investors that future developments affecting the
Company will be those that it has anticipated. Actual results may
differ materially from these expectations due to risks and
uncertainties including: the Company’s ability to maintain and
enhance its brand image, particularly in new markets; the Company’s
ability to compete in the specialty tea and beverage category; the
Company’s ability to expand and improve its operations; the
Company’s ability to maximize its e-marketing efforts; levels of
foot traffic in locations in which the Company’s stores are
located; changes in consumer trends and preferences; fluctuations
in foreign currency exchange rates; general economic conditions and
consumer confidence; minimum wage laws; the importance of the
Company’s first fiscal quarter to results of operations for the
entire fiscal year; and other risks set forth in the Company’s
Annual Report on Form 10-K dated April 12, 2016 and filed with the
Securities and Exchange Commission on April 13, 2016. If one or
more of these risks or uncertainties materialize, or if any of the
Company’s assumptions prove incorrect, the Company’s actual results
may vary in material respects from those projected in these
forward-looking statements. Any forward-looking statement made by
the Company in this release speaks only as of the date on which the
Company makes it. The Company undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by any applicable securities laws.
Investor Contact
ICR Inc.
Farah Soi/Rachel Schacter
(203)-682-8200
investors@davidstea.com
Davids Tea (NASDAQ:DTEA)
Historical Stock Chart
From Feb 2024 to Mar 2024
Davids Tea (NASDAQ:DTEA)
Historical Stock Chart
From Mar 2023 to Mar 2024