TORONTO, Jan. 3, 2020 /CNW/ - Roots ("Roots," "Roots
Canada") (TSX: ROOT), a premium outdoor lifestyle brand, today
announced that its Board of Directors has appointed Meghan Roach as Interim Chief Executive Officer,
effective immediately.
Since August 2019, Ms. Roach has
served as Interim Chief Financial Officer of Roots. She is an
accomplished corporate executive, and, since joining Roots, has
been an integral part of the executive team. She also served on the
Roots Board of Directors from 2015 to 2017. Ms. Roach replaces
Jim Gabel who has left the Company,
effective immediately.
"Meghan is a talented and experienced executive, and throughout
her career she has delivered meaningful operational results and
strategic insights," said Erol
Uzumeri, Chair of Roots Board of Directors. "Since joining
Roots, she has played a key role in driving major operational
initiatives, drawing on her experience with prominent global
brands. The Board believes that Roots requires renewed leadership
to carry the company into its next phase – executing on profitable
growth opportunities while enhancing operational efficiency. As the
CEO search process takes place, the Board of Directors is confident
that Meghan will be a capable and impactful steward of the company,
and will provide decisive leadership along with incoming Chief
Financial Officer, Mona Kennedy, and
the rest of the executive team."
"On behalf of the Board of Directors, I would like to thank Jim
for his many contributions to Roots and wish him well in his future
endeavours," added Mr. Uzumeri.
The Board of Directors has engaged a leading international
search firm to undertake a process to identify a permanent Chief
Executive Officer for the company.
Ms. Roach joins Roots from Searchlight Capital Partners, Roots
largest shareholder. Prior to Searchlight, Ms. Roach was a member
of the private equity investment team at the Ontario Teachers'
Pension Plan, after beginning her career with KPMG. She has an MBA
with first class distinction from the University of Oxford, an Honours Bachelor of
Commerce with first class distinction from Queen's University, and
a CPA/CA designation.
"I look forward to continuing with Roots, as I am a passionate
believer in the brand, " said Meghan
Roach, Interim Chief Executive Officer, Roots. " My focus
will be on working with our talented executive team to pursue
profitable growth opportunities across our channels and geographies
while also sharpening our operational efficiency to strengthen our
bottom line results."
About Roots
Established in 1973, Roots is a premium
outdoor lifestyle brand. We unite the best of cabin and city
through unmistakable style built with uncompromising comfort and
quality. We offer a broad range of products that embody a
comfortable cabin-meets-city style including: women's and men's
apparel, leather goods, footwear, accessories, and kids, toddler
and baby apparel. Starting from a little cabin in Algonquin Park, Canada, Roots has grown to
become a global brand. As at November 2,
2019, we had 115 corporate-retail stores in Canada, seven corporate-retail stores in
the United States, 114
partner-operated stores in Taiwan,
35 partner-operated stores in China, one partner-operated store in
Hong Kong and a global eCommerce
platform, roots.com. Roots Corporation is a Canadian corporation
doing business as "Roots" and "Roots Canada".
Forward-Looking Information
Certain information in
this press release contains forward-looking information. This
information is based on management's reasonable assumptions and
beliefs in light of the information currently available to us and
are made as of the date of this press release. Actual results and
the timing of events may differ materially from those anticipated
in the forward-looking information as a result of various factors.
Information regarding our expectations of future results,
performance, achievements, prospects or opportunities or the
markets in which we operate is forward-looking information.
Statements containing forward-looking information are not facts but
instead represent management's expectations, estimates and
projections regarding future events or circumstances. Many factors
could cause our actual results, level of activity, performance or
achievements or future events or developments to differ materially
from those expressed or implied by the forward-looking
statements.
See "Forward-Looking Information" and "Risk Factors" in the
Company's current Annual Information Form for a discussion of the
uncertainties, risks and assumptions associated with these
statements. Readers are urged to consider the uncertainties, risks
and assumptions carefully in evaluating the forward-looking
information and are cautioned not to place undue reliance on such
information. We have no intention and undertake no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable securities law.
SOURCE Roots Corporation