Business
European Wax Center Announces CEO Succession Plan
President and Chief Operating Officer David Willis Appointed Chief Executive OfficerDavid Berg to Become Executive Chairman of the Board of Directors PLANO,
About this update from European Wax Center, Inc.
[{"type":"text","content":"President and Chief Operating Officer David Willis Appointed Chief Executive OfficerDavid Berg to Become Executive Chairman of the Board of Directors PLANO, Texas, Aug. 09, 2023 (GLOBE NEWSWIRE) -- 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 refle...