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Money DavidsTea CEO resigns after losing board fight

18:31  14 june  2018
18:31  14 june  2018 Source:   msn.com

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DavidsTea CEO Joel Silver. After six years on the board , Segal resigned his seat in March, and is asking shareholders to jettison the current board at the company’s annual general meeting on June 14 and replace it with a slate of seven nominees, including himself as executive chairman.

DAVIDsTEA CEO Resigns . By: Dan Bolton | October 25, 2016. He is the second top-level executive to depart the company since spring. Toutant joined DAVIDsTEA in June 2014 at the invitation of board members pursuing an initial public offering (IPO) planned for 2015.

a green and black sign© Provided by thecanadianpress.com MONTREAL - DavidsTea chief executive has resigned after the company's shareholders voted to turf most of the existing board by electing seven nominees presented by the company's co-founder.

Chief executive Joel Silver, who was management's face on an attempt to prevent a dissident revolt, resigned effective immediately, the company announced soon after the results were disclosed at the company's annual meeting on Thursday.

Shareholders voted about 54 per cent in favour of the people nominated by Herschel Segal, the company's co-founder and largest shareholder.

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DavidsTea Inc. DTEA, +5.48% announced Thursday afternoon that co-founder Herschel Segal will leave its board after his attempt to take the company private was not well-received. The stock has lost more than 85% of its value since debuting on Wall Street in 2015, and the company is valued at

A battle is brewing at DavidsTea after the company's board of directors fought back against a co-founder's attempt to replace them with a dissident slate of nominees. Segal, who was on the board until he resigned on March 5, controls 46 per cent of DavidsTea through Rainy Day Investments Ltd.

Segal becomes executive chairman and will be joined by corporate director William Cleman, Viau Foods president Pat De Marco, retired professor Ludwig Max Fisher, former MEC chief executive Peter Robinson and Roland Walton, former president of Tim Hortons Canada.

Also winning re-election is Le Chateau president Emilia Di Raddo.

Silver's departure leaves a board position open, since he was also elected.

Segal has blamed the outgoing board — of which he was a member until March — for taking too long to turn to online commerce and failing in its expansion to the United States.

His holding company Rainy Day Investments Ltd. owns about 46 per cent of the outstanding shares.

However, three investment companies that together control 36.5 per cent of the shares, opposed his plan.

The company has complained that Segal was trying to acquire the company without paying a premium.

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