DAVIDsTEA announces its new Board of Directors with Herschel Segal as Executive Chairman alongside William Cleman as Lead Director

– CANADA, Mont-Royal – DAVIDsTEA Inc. (Nasdaq:DTEA) today announced that at its annual meeting held today in Montreal, shareholders elected a Board of Directors comprised of the seven persons nominated by Rainy Day Investments Ltd. as well as Joel Silver. The seven new directors are Herschel Segal, William Cleman, Pat De Marco, Emilia Di Raddo, Max Ludwig Fischer, Peter Robinson and Roland Walton.

Immediately following the annual meeting, the Board of Directors appointed Herschel Segal as Executive Chairman and interim Chief Executive Officer of DAVIDsTEA and M. William Cleman as “lead director” of the Board of Directors. The Board also re-appointed Howard Tafler as Chief Financial Officer of DAVIDsTEA.

“I would like to thank DAVIDsTEA’s individual shareholders for their support,” said Herschel Segal, Executive Chairman. “During the past few weeks, I have spoken with many shareholders, and their insight into DAVIDsTEA has been very valuable. Now it’s time for the new Board of Directors to get to work, for the benefit of all shareholders.”

“I look forward to working with my fellow Board members on effecting a turnaround at DAVIDsTEA,” said William Cleman, the new lead director. “As we have said many times during the past few weeks, the time for action and execution at DAVIDsTEA is now.”

DAVIDsTEA also announces that Joel Silver has left DAVIDsTEA, effective immediately. Mr. Silver was Chief Executive Officer and a director of DAVIDsTEA. As a result of Mr. Silver’s departure, there is a vacancy on the Board of Directors. The Board of Directors has commissioned the Human Resources and Compensation Committee, chaired by Roland Walton, an independent director, to initiate the process of finding a permanent Chief Executive Officer.

About DAVIDsTEA

DAVIDsTEA is a retailer of specialty tea, offering a differentiated selection of proprietary loose-leaf teas, pre-packaged teas, tea sachets and tea-related gifts, accessories and food and beverages, primarily through 240 company operated DAVIDsTEA stores throughout Canada and the United States as of February 3, 2018. The Company is headquartered in Montréal, Canada.

For more information : http://www.davidstea.com

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Talent4Boards Team

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