ROOT Roots Corporation

TORONTO, Nov. 16, 2022 /CNW/ - Roots ("Roots," "Roots Canada") (TSX: ROOT), a premium outdoor lifestyle brand, today announces that Chief Financial Officer, Mona Kennedy, will be leaving the company to pursue other interests in the Canadian CPG sector. Leon Wu, Vice President of Finance and Strategy, will replace Ms. Kennedy as the Chief Financial Officer effective January 13, 2023.

"I have enjoyed partnering with Mona over the last few years and appreciate her contributions to the company. On behalf of the Roots team and our Board of Directors, we wish her well," said Meghan Roach, President and CEO, Roots.

Ms. Roach continued, "I am excited to welcome Leon Wu to the role of Chief Financial Officer. Leon has played a leading role in developing our long-term strategy and has an intimate knowledge of Roots from his tenure with the brand. A talented and experienced executive, Leon will continue to build a strong foundation for future growth at Roots."

Mr. Wu joined Roots in 2016 and has increasingly taken on major roles in financial and operational matters.  Over the last seven years, he has acted as a key management representative to the Roots Board of Directors as well as its investors and lenders. Most recently, he served as Vice President of Finance and Strategy, where he led the functional areas of financial reporting, financial planning and analysis, and corporate strategy. Prior to Roots, he held roles at KPMG LLP, performing audits of public companies within the consumer retail industry, and APP Group. A CPA, CA, Mr. Wu brings solid financial expertise to the role, deep familiarity with Roots operations and capital structure, and a strong knowledge of retail and brands. Mr. Wu holds a BBA with Distinction in Accounting from the Schulich School of Business at York University.

"I am honoured to take on the role of CFO at Roots. In the last few years, we have made great strides in strengthening our financial position, and I look forward to working with the strong team at Roots to continue driving profitable growth," Mr. Wu commented.

Established in 1973, Roots is a global lifestyle brand. Starting from a small cabin in northern Canada, Roots has become a global brand with over 100 corporate retail stores in Canada, two stores in the United States, and an eCommerce platform, www.roots.com, that serves over 55 international markets. We have more than 100 partner-operated stores in Asia, and we also operate a dedicated Roots-branded storefront on Tmall.com in China. We design, market, and sell a broad selection of products in different departments, including women's, men's, children's, and gender-free apparel, leather goods, footwear, and accessories. Our products are built with uncompromising comfort, quality, and style that allows you to feel at home with nature. We offer products designed to meet life's everyday adventures and provide you with the versatility to live your life to the fullest. We also wholesale through business-to-business channels and license the brand to a select group of licensees selling products to major retailers. Roots Corporation is a Canadian corporation doing business as "Roots" and "Roots Canada."

Certain information in this press release contains forward-looking information. This information is based on management's reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.

See "Forward-Looking Information" and "Risk Factors" in the Company's current Annual Information Form for a discussion of the uncertainties, risks and assumptions associated with these statements. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law.

SOURCE Roots Corporation