European Wax Center, Inc. (the “Company” or “European Wax Center”)
(NASDAQ: EWCZ), the largest and fastest-growing franchisor and
operator of out-of-home waxing services in the United States, today
announced that President and Chief Operating Officer David Willis
will succeed David Berg as Chief Executive Officer (“CEO”) as part
of the Company’s succession plan, effective September 30, 2023. Mr.
Willis will also join the Company's Board of Directors at that
time. David Berg will assume the newly created role of Executive
Chairman of the Board of Directors (“Board”) on September 30, 2023.
“It has been an honor to serve as European Wax Center’s CEO, and
I am so proud of our accomplishments that have positioned us for
continued growth. Most importantly, I am thankful for the
best-in-class culture we have created – where our Associates live
our values, can be their authentic selves and are able to do their
best work,” Mr. Berg said. “David Willis has been my key partner in
setting forth and executing our strategic roadmap. He is a
world-class leader with extensive franchisee relationships and deep
knowledge of our business model. I look forward to continuing to
work with him and the rest of European Wax Center’s exceptional
leadership team in my new role.”
Since joining European Wax Center in 2018, Mr. Berg has led
the Company’s expansion from nearly 700 centers to over 1,000
centers today. Under Mr. Berg’s leadership, the Company has
increased network sales at double-digit rates and more than doubled
its bottom-line performance. Since its successful IPO in 2021, the
Company has consistently met or exceeded its earnings guidance, and
in 2022, returned over $200 million to shareholders through
dividends and share repurchases.
“On behalf of the Board of Directors, I want to thank David Berg
for his invaluable contributions to European Wax Center’s success.
He has executed a focused strategy for sustained growth and
shareholder return while expanding our leadership position in
out-of-home hair removal,” said Chairman of European Wax Center’s
Board Andy Crawford. “This transition is part of a thoughtful
succession planning process which reflects the Board’s commitment
to building a strong bench of leaders that will continue to execute
on European Wax Center’s growth story. David Willis is a seasoned
executive who has helped transform European Wax Center into the
company it is today, and the Board has full confidence in him and
the leadership team to scale our footprint as the category
leader.”
“I am humbled and honored to be named European Wax Center’s next
CEO, and I could not be more excited about the future of the
Company,” said Mr. Willis. “I look forward to working closely with
David Berg, the Board, our amazing Associates and our franchisee
partners as we accelerate European Wax Center’s growth and continue
to deepen relationships with our guests by providing unparalleled
service.”
Mr. Willis has served as European Wax Center’s President since
March 2023 and Chief Operating Officer since September 2019. He
served as Chief Financial Officer from January 2022 to March 2023
and from July 2016 until December 2020. Prior to joining the
Company, Mr. Willis served as an Operating Partner for Riata
Capital Group, LLC from October 2014 to July 2016, during which he
provided consulting services to the Company on supply chain,
finance, and operations matters.
Additionally, the Company has appointed Chief Legal and Human
Resources Officer Gavin O’Connor to the newly formed leadership
position of Chief Administrative Officer, effective September 30,
2023. As CAO, Mr. O’Connor will assume responsibility for the
Company’s supply chain and technology functions, in addition to his
current responsibilities of legal, talent, ESG and risk
management.
About European Wax Center, Inc.European Wax
Center, Inc. (NASDAQ: EWCZ) is the largest and fastest-growing
franchisor and operator of out-of-home waxing services in the
United States. European Wax Center locations perform more than 22
million services per year, providing guests with an unparalleled,
professional personal care experience administered by highly
trained wax specialists within the privacy of clean, individual
waxing suites. The Company continues to revolutionize the waxing
industry with its innovative Comfort Wax® formulated with the
highest quality ingredients to make waxing a more efficient and
relatively painless experience, along with its collection of
proprietary products to help enhance and extend waxing results. By
leading with its values – We Care About Each Other, We Do the Right
Thing, We Delight Our Guests, and We Have Fun While Being Awesome –
the Company is proud to be Certified™ by Great Place to Work®.
European Wax Center, Inc. was founded in 2004 and is headquartered
in Plano, Texas. In 2022 its network of 944 centers in 45 states
generated sales of nearly $900 million. For more information,
including how to receive your first wax free, please
visit: https://waxcenter.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements in this press release include but
are not limited to European Wax Center, Inc.’s strategy, outlook
and growth prospects, succession plan, leadership transition and
expectations with respect to the performance of its executive
leadership, and statements by European Wax Center’s executives and
members of the Board. Words including “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,”
“might,” “plan,” “potential,” “predict,” “project,” “seek,”
“should,” “will,” or “would,” or, in each case, the negative
thereof or other variations thereon or comparable terminology are
intended to identify forward-looking statements. In addition, any
statements or information that refer to expectations, beliefs,
plans, projections, objectives, performance or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking.
These forward-looking statements are based on current
expectations and beliefs. These statements are neither promises nor
guarantees, but involve known and unknown risks, uncertainties and
other important factors that may cause the Company’s actual
results, performance or achievements to be materially different
results, performance or achievements expressed or implied by the
forward-looking statements, including, but not limited to: the
operational and financial results of its franchisees; the ability
of its franchisees to enter new markets, select appropriate sites
for new centers or open new centers; the effectiveness of the
Company’s marketing and advertising programs and the active
participation of franchisees in enhancing the value of its brand;
the failure of its franchisees to participate in and comply with
its agreements, business model and policies; the Company’s and its
franchisees’ ability to attract and retain guests; the effect of
social media on the Company’s reputation; the Company’s ability to
compete with other industry participants and respond to market
trends and changes in consumer preferences; the effect of the
Company’s planned growth on its management, employees, information
systems and internal controls; the Company’s ability to retain of
effectively respond to a loss of key executives; a significant
failure, interruptions or security breach of the Company’s computer
systems or information technology; the Company and its franchisees’
ability to attract, train, and retain talented wax specialists and
managers; changes in the availability or cost of labor; the
Company’s ability to retain its franchisees and to maintain the
quality of existing franchisees; failure of the Company’s
franchisees to implement business development plans; the ability of
the Company’s limited key suppliers, including international
suppliers, and distribution centers to deliver its products;
changes in supply costs and decreases in the Company’s product
sourcing revenue; the Company’s ability to adequately protect its
intellectual property; the Company’s substantial indebtedness; the
impact of paying some of the Company’s pre-IPO owners for certain
tax benefits it may claim; changes in general economic and business
conditions; the Company’s and its franchisees’ ability to comply
with existing and future health, employment and other governmental
regulations; complaints or litigation that may adversely affect the
Company’s business and reputation; the seasonality of the Company’s
business resulting in fluctuations in its results of operations;
the impact of global crises, such as the COVID-19 pandemic on the
Company’s operations and financial performance; the impact of
inflation and rising interest rates on the Company’s business; the
Company’s access to sources of liquidity and capital to finance its
continued operations and growth strategy and the other important
factors discussed under the caption “Risk Factors” in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2022
filed with the Securities and Exchange Commission (the “SEC”), as
such factors may be updated from time to time in its other filings
with the SEC, accessible on the SEC’s website at www.sec.gov and
Investors Relations section of the Company’s website at
www.waxcenter.com.
These and other important factors could cause actual results to
differ materially from those indicated by the forward-looking
statements made in this press release. Any forward-looking
statement that the Company makes in this press release speaks only
as of the date of such statement. Except as required by law, the
Company does not have any obligation to update or revise, or to
publicly announce any update or revision to, any of the
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor ContactEuropean Wax Center, Inc.
Bethany JohnsBethany.Johns@myewc.com469-270-6888
Media ContactCreative Media MarketingCarolanne
CovielloEwc@cmmpr.com212-979-8884
European Wax Center (NASDAQ:EWCZ)
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부터 4월(4) 2024 으로 5월(5) 2024
European Wax Center (NASDAQ:EWCZ)
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부터 5월(5) 2023 으로 5월(5) 2024