MISSISSAUGA, ON, Canada — The Second Cup Ltd. (“Second Cup” or the “Company”) (TSX: SCU) announced 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”.