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."
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".
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
For further information: Investor Relations: Kristen Davies, [email protected], 416-781-3574 Ext. 4116