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."
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".
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.