Stuart Noyes Named CEO of SUMR Brands and Appointed to Board of Directors
December 01 2020 - 8:00AM
SUMR Brands ("SUMR Brands" or the "Company") (NASDAQ: SUMR), a
global leader in premium infant and juvenile products, today
announced that its Board of Directors has named Stuart Noyes of
Winter Harbor, LLC as Chief Executive Officer and appointed him to
the Company’s Board of Directors. Noyes has served as the Company’s
Interim Chief Executive Officer since December 16, 2019.
“We are delighted to announce that Stuart has
accepted the position of CEO, and we welcome him to the Board of
Directors,” said Robin Marino, Chairwoman. “As Interim CEO, Stuart
demonstrated the ability to act with a keen sense of urgency to
implement swift change and transformation. He is a decisive leader
who has reshaped our culture and mobilized our team to strive for
operational excellence. We look forward to seeing him continue to
drive value for all of our stakeholders.”
Stuart Noyes added, “I am honored to accept the
position of CEO and join SUMR’s Board of Directors. Over the past
year, our ability to reposition the business for success, while
navigating an unprecedented global environment, is a testament to
the tremendous work and dedication of all SUMR’s employees. I am
proud of the team’s achievements and grateful to the Board for its
support and engagement. We will continue to work with passion and
focus to enhance SUMR’s financial and operational performance.”
About SUMR
Brands, Inc.
Based in Woonsocket, Rhode Island, the Company
is a global leader of premium juvenile brands driven by a
commitment to people, products, and purpose. The Company is made up
of a diverse group of experts with a passion to make family life
better by selling proprietary, innovative products across several
core categories. For more information about the Company, please
visit www.sumrbrands.com.
Forward-Looking Statements
Certain statements in this release that are not
historical fact may be deemed “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, and the Company
intends that such forward-looking statements be subject to the safe
harbor created thereby. These statements are accompanied by words
such as “anticipate,” “expect,” “project,” “will,” “believes,”
“estimate” and similar expressions, and include statements
regarding the Company’s expectations for performance in the fourth
quarter of 2020, including Adjusted EBITDA and revenue expectations
and softening demand, its efforts to mitigate the impact of supply
chain challenges, its efforts to mitigate tariffs, the expected
annualized interest savings on its refinanced debt, and the
Company’s actions to position the Company for future growth,
including de-levering the balance sheet and investing in core
categories. The Company cautions that these statements are
qualified by important factors that could cause actual results to
differ materially from those reflected by such forward-looking
statements. Such factors include the impact of the COVID-19
pandemic on the Company’s supply chain and consumer demand, U.S.
operations and sales in the U.S; increased tariffs, additional
tariffs or import or export taxes on the cost of its products and
therefore demand for its products; the Company’s ability to meet
its liquidity requirements; the Company’s ability to comply with
the covenants in its loan agreement and to maintain availability
under its loan agreement; the Company’s ability to implement and to
achieve the expected benefits and savings of its restructuring
initiatives; the concentration of the Company’s business with
retail customers; the ability of the Company to compete in its
industry; the Company’s ability to continue to control costs and
expenses; the Company’s reliance on foreign suppliers; the
Company’s ability to develop, market and launch new products; the
Company’s ability to manage inventory levels and meet customer
demand; the Company’s ability to grow sales with existing and new
customers and in new channels; and other risks as detailed in the
Company’s most recent Annual Report on Form 10-K, its Quarterly
Reports on Form 10-Q and other filings with the Securities and
Exchange Commission. The Company assumes no obligation to update
the information contained in this release.
Company Contact:Chris WittyInvestor
Relations646-438-9385cwitty@darrowir.com
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