Pelton to build on foundations established by retiring CEO Garry Macdonald
MISSISSAUGA, ON, May 10, 2019 /CNW/ - The Second Cup Ltd. ("Second Cup" or the "Company") (TSX: SCU) announced today that Garry Macdonald will retire as Chief Executive Officer on May 31, 2019, and that Steve Pelton has been appointed to succeed him.
Michael Bregman, Chairman of Second Cup, said "On behalf of the board of directors, I thank Garry for his extraordinary commitment over the last two years, stabilizing the company and preparing it for growth. When Garry became CEO, he made it clear that this would not be a long-term assignment. With Garry's important work complete, Steve Pelton is exceptionally well qualified to lead Second Cup to an ambitious new phase of growth."
"Steve has an unusual blend of success in entrepreneurial and large company environments. His background in restaurant operations has served him well as he rose to oversee multiple brands. Steve was the co-founder and CEO of the highly successful Landing Restaurants which were sold to Recipe Unlimited in 2014. Remaining with the organization, Steve continued to oversee the Landing Restaurants and additional brands totaling more than $200 million in annual revenues. In joining Second Cup, Steve will participate in the equity appreciation of the company, which will result in close alignment with the interests of our shareholders."
Steve Pelton said "Second Cup has long been a Canadian success story. I look forward to working with its entire team, from the Board and management to the front-line employees who serve its customers every day, to fortify Second Cup's position as Canadians' favourite home-grown, truly Canadian specialty coffee retailer."
"I joined Second Cup with the mandate and vision to strengthen its foundations and set the brand on a path for growth," said Garry Macdonald. "I am proud of what we have achieved. My sincere thanks go to the dedicated and passionate team at Second Cup. I feel comfortable that Steve Pelton will be assuming leadership of Second Cup which is now well positioned for a new phase of growth".
About Second Cup Coffee Co.™
Founded in 1975, The Second Cup Ltd. is a Canadian specialty coffee retailer operating franchised and company owned cafes across Canada. The company's vision is to be the Canadian specialty coffee brand of choice across Canada, committed to superior quality, innovation and profitable growth. For more information, please visit www.secondcup.com or find the company on Facebook and Twitter.
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect," "intend", "plan", "will", "may" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections. The forward-looking statements in this news release are based on certain assumptions, including that the Company will be able to execute its plan. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in the Company's annual information form available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.
SOURCE The Second Cup Ltd.
For further information: Ba Linh Le, Chief Financial Officer, (905) 362-1827, email@example.com ; or Lisa Pasquin, (647) 969-7444, SecondCup@CraftPublicRelations.com