DAVIDsTEA Appoints Joel Silver as President and Chief Executive Officer
March 13 2017 - 4:30PM
DAVIDsTEA Inc. (“DAVIDsTEA” or the “Company”) (Nasdaq:DTEA) today
announced that its Board of Directors has appointed Joel Silver as
the Company’s President and Chief Executive Officer and a member of
its Board of Directors, with both appointments to become effective
on March 20, 2017. Mr. Silver will succeed Christine Bullen, who
has served as Interim President and Chief Executive Officer since
January 29, 2017 while the Company conducted a formal search for a
permanent Chief Executive Officer. Ms. Bullen will continue to
serve in her prior role as Managing Director, U.S.
Maurice Tousson, Chairman of the Company’s Board of
Directors, stated, “On behalf of the Board of Directors, I am
delighted to welcome Joel to DAVIDsTEA. We believe that his diverse
experience with consumer-centric and lifestyle brands coupled with
his leadership skills and track record of success make him an
excellent fit to lead DAVIDsTEA. Joel’s background and skill set
will be valuable as we capitalize on the opportunities to grow the
DAVIDsTEA brand. We would also like to thank Christine for her
contributions while she served as Interim President & CEO and
look forward to her continued leadership as Managing Director,
U.S.”
Joel Silver added, “I am honored to join DAVIDsTEA
as President and CEO. I look forward to working with the board,
management, and passionate team members of this unique and exciting
company as we work together to expand the business and realize the
potential for DAVIDsTEA.”
Mr. Silver comes to DAVIDsTEA with over 20 years of
consumer brand experience, having most recently served as General
Partner and a member of the Board of Directors of TrilogyGrowth, a
venture capital fund he co-founded, which focuses on
consumer-centric brands including Poppin, a modern office supplies
brand, iStore, a Canadian-based retail and wholesale brand
providing consumers with trendy and practical digital lifestyle
solutions, and Indeed Laboratories, a Canadian-based skin care
company with global distribution. Prior to TrilogyGrowth, from 2003
to 2011, Mr. Silver held several positions of increasing
responsibility at Indigo Books & Music Inc. (TSX:IDG), Canada's
largest book, gift and specialty toy retailer, most recently as
President. In this capacity, Mr. Silver drove Indigo Books &
Music’s strategy to build the general merchandise categories,
including the launch of Indigo Kids and the doubling of the
lifestyle categories. He also was responsible for
significantly expanding revenues across all retail and e-commerce
channels and helped Indigo Books & Music launch Kobo, its
e-reading platform. Mr. Silver has sat on Indigo Books &
Music’s Board of Directors since 2011. Mr. Silver also was a
co-founder and the Chief Executive Officer of SalesDriver.com Inc.,
an on-line e-commerce platform based out of Boston & Toronto
that was sold to Carlson Marketing Group Inc. Mr. Silver
began his career in brand management at Procter & Gamble.
Mr. Silver earned his Bachelor’s degree from
Wilfrid Laurier University in Canada and his Master’s degree of
Business Administration from Harvard University.
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 234
company-operated DAVIDsTEA stores throughout Canada and the United
States as of March 13, 2017, 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 prospects with Mr. Silver
as Chief Executive Officer. 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.
Rachel Schacter
(203)-682-8200
investors@davidstea.com
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