Squish CEO Sarah Segal takes over from father as head of DavidsTea
Company sought creditor protection in July amid pandemic fallout
The CEO of candy retailer Squish is taking over from her father as head of insolvent tea company DavidsTea.
Sarah Segal becomes chief executive of the Montreal-based company today while chief financial officer Frank Zitella becomes president. DavidsTea co-founder Herschel Segal is stepping down as interim CEO but will remain board chairman.
The executive changes were announced Tuesday as the company reported its second-consecutive quarterly profit.
It earned $14.5 million or 54 cents per share in the third quarter, compared with a loss of $10.8 million or 42 cents per share a year earlier.
The adjusted profit was $2.3 million or nine cents per share, versus an adjusted loss of $8.8 million or 34 cents per share in the third quarter of 2019.
Revenues for the three months ended Oct. 31 decreased 33.6 per cent to $26.2 million, from $39.5 million.