TORONTO, May 26, 2020 /CNW/ - Roots ("Roots," "Roots
Canada" or the "Company") (TSX: ROOT), a premium outdoor lifestyle
brand, today announced that after completing a search conducted by
a leading international recruiting firm, the Company's Board of
Directors has appointed Ms. Meghan
Roach as Chief Executive Officer of Roots, effective
immediately. In her role as CEO, Ms. Roach has also been appointed
to Roots Board of Directors.
"Meghan is a talented and accomplished executive," said
Erol Uzumeri, Chairman of the Roots
Board of Directors. "Speaking on behalf of the Board, we believe
Roots will continue to benefit greatly from her strategic insights,
decisive leadership and experience with prominent global
brands."
Given the unprecedented circumstances created by the COVID-19
pandemic, Ms. Roach will forgo her salary and potential bonus
payments for the remainder of 2020.
Ms. Roach was appointed Interim Chief Executive Officer of Roots
in January 2020, prior to which she
served as Interim Chief Financial Officer starting in August 2019. Ms. Roach joins Roots from
Searchlight Capital Partners, the Company's 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 am honoured to assume the role of CEO at this iconic Canadian
brand," said Meghan Roach, Chief
Executive Officer, Roots. "Over its 46 years, Roots has established
a highly engaged and loyal consumer base, strong omni-channel
capabilities, and a solid core product offering. I look forward to
working with the talented and dedicated team at Roots to continue
to build on this great foundation."
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 designed for life's
everyday adventures, 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
of April 29, 2020, we operated 114
corporate-retail stores in Canada,
two corporate-retail stores in the United
States, 115 partner-operated stores in Taiwan, 36 partner-operated stores in
China, two partner-operated stores
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