- Jeff Yurcisin, former CEO of Zulily and Shopbop, Named Chief
Executive Officer
- Co- Founder Stuart Landesberg named Executive Chairman of
the Board
- Larry Cheng, Volition Capital Managing Partner and
co-founder and GameStop board member, to join Board
- John Replogle, former CEO of Seventh Generation and Burt’s
Bees, to become Lead Independent Director
Grove Collaborative Holdings, Inc. (NYSE: GROV) (“Grove” or “the
Company”), a leading sustainable consumer products company and
Certified B Corp, announced today leadership changes to align the
Company more closely with future growth and market expansion
initiatives.
CEO Transition
After co-founding Grove Collaborative in 2012 and successfully
leading the Company for over a decade, Stuart Landesberg will step
down as CEO effective August 16, 2023 to become the Company’s
Executive Chairman of the Board. Mr Landesberg will continue to
oversee strategy, capital markets, and corporate development among
other things.
Jeff Yurcisin, former CEO of direct to consumer brands Zulily
and Shopbop, and a long time Amazon executive, has been appointed
the Company’s new CEO, effective August 16, 2023. Mr. Yurcisin will
also join Grove’s Board of Directors. As CEO of Grove, Mr. Yurcisin
will oversee the Company’s next chapter – to transform the consumer
products industry to be a positive force for human and
environmental health, and to drive profitable growth rooted in
sustainable product innovation, customer-centricity and market
expansion initiatives and identifying new opportunities.
“When we started Grove Collaborative, our mission was to
transform consumer products – creating a brand to reshape
categories in all of our homes so they can be a force for human and
environmental health,” said Mr. Landesberg. “Over the last decade,
we have built and scaled a market leading brand in zero plastic and
zero plastic waste, a breakthrough for the category, and helped
millions of families live healthier and more sustainable lives. I’m
proud of the impact of our work on the broader industry and how we,
together, create a more sustainable future at a time when change is
so urgent. I could not be more excited to welcome Jeff, an
experienced, brilliant and customer-centric leader to Grove and as
Grove’s next CEO. He will be terrific at the helm, as Grove
continues to push towards greater sustainable growth and
impact.”
Mr. Yurcisin is a proven direct to consumer CEO who has built
and led multiple billion-dollar brands and has a passion for doing
what’s right. He believes deeply in Grove’s mission to move the
consumer products industry Beyond Plastic and is passionate about
the role the private sector can play in sustainability. Before
Grove, Mr. Yurcisin had succeeded two founders as CEO at Shopbop
and Zulily and served in multiple senior executive roles at Amazon,
where he led Amazon’s global efforts on Private Brands and Apparel.
His team spearheaded Amazon’s push into its own brands and was
responsible for the end-to-end product development and performance
of those brands.
Earlier in his career, Mr. Yurcisin served as CEO during
Shopbop’s accelerated growth from startup to leading fashion
boutique worldwide. Their revenue growth was largely driven by
using tech to deliver a superior customer experience. Mr. Yurcisin
recently led the team at Zulily for four years through the pandemic
and launched a customer promise that guaranteed Zulily customers
would receive greater value than from Amazon or Walmart. He most
recently worked as an Executive in Residence at Madrona Venture
Group where he helped entrepreneurs turn their ideas into fast
growing businesses. He also serves on the Advisory Board of Fred
Hutch Cancer Center, one of the world’s leading cancer research
organizations. Mr. Yurcisin earned his bachelor’s degree in
economics from Princeton University and graduated with honors from
Harvard Business School.
“I want to thank the Board for their confidence in my leadership
and Stu for his continued support, leadership and partnership,”
said Mr. Yurcisin. “Grove has built a rare and visionary brand, an
exceptional and loyal customer base, and a true right to win in the
urgent transformation to a sustainable future. I look forward to
building on everything the team at Grove has accomplished and I am
incredibly energized by the opportunities ahead. By continuing to
improve on our growth initiatives, we will seek to deliver
tremendous value for our customers, shareholders and the planet as
we reshape the future of sustainable consumer products.”
Inducement Awards Pursuant to NYSE Rule
303A.08
In connection with Mr. Yurcisin’s appointment as the Company’s
new CEO and as an inducement for him to join the Company, the
Company granted to him, effective August 16, 2023, inducement
awards in the form of a service-based restricted stock unit award
with respect to 340,000 shares of the Company’s Class A Common
Stock (the “RSU Award”) and a performance-based restricted stock
unit award with respect to 510,000 shares of the Company’s Class A
Common Stock (the “PSU Award”).
The RSU Award and PSU Award will each vest 25% on August 15,
2024 and in twelve equal quarterly installments thereafter, subject
to Mr. Yurcisin’s continued service with the Company through each
applicable vesting date and, in the case of the PSU Award, subject
to the achievement of specified stock price metrics within five
years following the effective date of his appointment. The RSU
Award and PSU Award were each granted to Mr. Yurcisin outside of
Grove’s 2022 Equity and Incentive Plan as an employment inducement
award under Section 303A.08 of the New York Stock Exchange Listed
Company Manual.
Board Updates
Mr. Yurcisin has been appointed to the Board, and Mr. Landesberg
has been named Executive Chairman of the Board, succeeding former
Seventh Generation and Burt’s Bees CEO, John Replogle, who will
serve as the Board’s Lead Independent Director.
In its FY23 Q2 earnings release, Grove announced a $10 million
investment from Volition Capital (“Volition”), a leading growth
equity firm. Larry Cheng, managing partner and co-founder of
Volition, joined Grove’s Board of Directors. Mr. Cheng, who most
notably led Volition’s early investment in online pet supply
retailer, Chewy, also serves on several other boards including the
Board of Directors at GameStop where he has helped drive their
transformation.
“I am thrilled to be joining Grove as it enters its new chapter,
and I look forward to supporting the growth of the Company,” said
Mr. Cheng. “We focus on companies that have an authentic mission,
passionate consumers and strong leadership. Grove’s mission to
disrupt the consumer products industry toward a more sustainable
future and passion for making a difference while driving value for
shareholders align with Volition’s philosophy. I’m excited about
the opportunity to work with the Grove team to not only make the
world a better place through its products and offerings, but to
continue delivering on our promises for customers and
stakeholders.”
At Volition, Mr. Cheng focuses on Internet and consumer
investing. Mr. Cheng currently sits on the boards of Arteza, Burst
Oral Care, Duffl, GameStop, Recycle Track Systems (RTS), Rounds,
Sensible Care, Super73 and US Mobile. He also led investments in
Chewy, Connatix, Cortera, Dragonfly Commerce, Globaltranz,
Mindshift Technologies, OpenNetwork Technologies, Prosper
Marketplace, Stylesight, Verid and Ximian. Prior to founding
Volition, Mr. Cheng also worked at Fidelity Ventures, Battery
Ventures, Bessemer Venture Partners and Corporate Decision,
Inc.
About Grove Collaborative Holdings,
Inc.
Launched in 2016 as a Certified B Corp, Grove Collaborative
Holdings, Inc. (NYSE: GROV) is transforming consumer products into
a positive force for human and environmental good. Driven by the
belief that sustainability is the only future, Grove creates and
curates more than 150 high-performing eco-friendly brands of
household cleaning, health and wellness, personal care, laundry,
clean beauty, baby and pet care products serving millions of
households across the U.S. each year. With a flexible monthly
delivery model and access to knowledgeable Grove Guides, Grove
makes it easy for everyone to build sustainable routines.
Every product Grove offers — from its flagship brand of
sustainably powerful home care essentials, Grove Co., plastic-free,
vegan personal care line, Peach Not Plastic, and zero-waste pet
care brand, Good Fur, to its exceptional third-party brands — has
been thoroughly vetted against Grove’s strict standards to be
beautifully effective, supportive of healthy habits, ethically
produced and cruelty-free. Grove is a public benefit corporation on
a mission to move Beyond Plastic™ and is available at select
retailers nationwide, making sustainable home care products even
more accessible. For more information, visit www.grove.com.
Caution Concerning Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about our ability to transform the consumer products industry to be
a positive force for human and environmental health, our ability to
drive profitable growth, our ability to execute market expansion
initiatives, our ability to deliver value for our customers,
shareholders and the planet, and our or our management team’s
expectations, hopes, beliefs, intentions, plans, prospects or
strategies regarding the future, including revenue growth and
financial performance, profitability, product expansion and
services. Any statements contained herein that are not statements
of historical fact may be deemed to be forward-looking statements.
In addition, any statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking
statements. The words “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intends,” “may,” “might,” “plan,”
“possible,” “potential,” “predict,” “project,” “should,” “would”
and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is
not forward-looking. The forward-looking statements contained in
this press release are based on our current expectations and
beliefs made by our management in light of their experience and
their perception of historical trends, current conditions and
expected future developments and their potential effects on the
Company as well as other factors they believe are appropriate in
the circumstances. There can be no assurance that future
developments affecting the Company will be those that we have
anticipated. These forward-looking statements involve a number of
risks, uncertainties (some of which are beyond our control) or
other assumptions that may cause actual results or performance to
be materially different from those expressed or implied by these
forward-looking statements, including changes in domestic and
foreign business, consumer discretionary spending, market,
financial, political and legal conditions; risks relating to the
uncertainty of the projected financial information with respect to
Grove; Grove’s ability to successfully expand its business;
competition; risks related to advertising inaccuracies or product
mislabeling that may have an adverse effect on our business by
exposing us to lawsuits, product recalls or regulatory enforcement
actions; risks relating to growing inflation and rising interest
rates; and those factors discussed in documents of Grove filed, or
to be filed, with the U.S. Securities and Exchange Commission (the
“SEC”). Should one or more of these risks or uncertainties
materialize, or should any of our assumptions prove incorrect,
actual results may vary in material respects from those projected
in these forward-looking statements. All forward-looking statements
in this press release are made as of the date hereof, based on
information available to Grove as of the date hereof, and Grove
assumes no obligation to update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
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