Sylvain Toutant, President and CEO of DavidsTea, speaks during the company's IPO at the Nasdaq MarketSite, Friday, June 5, 2015 in New York. As of Jan. 31, the Montreal-based beverage chain operated 130 locations in Canada and 24 shops in the U.S. (AP Photo/Mark Lennihan)

DavidsTea CEO Sylvain Toutant is stepping down

Toutant says decision to leave the company is right from a 'personal standpoint'

DavidsTea says chief executive officer Sylvain Toutant is leaving the Montreal-based company to pursue other interests.

Toutant said the decision to leave the specialty retailer was difficult to make, but the right one from a personal standpoint.

The joint statement from him and DavidsTea didn’t disclose Toutant’s specific plans.

As chief executive officer, Toutant played a key role in the company’s 2015 initial public offering, which marked the beginning of a significant growth phase in the United States.

At the time, DavidsTea  said it planned to open between 30 and 40 stores a year in the United States to reach about 300.

DavidsTea had a total of 208 stores in Canada and the United States as of July 30, at the end of the second quarter of its 2016-17 financial year.

For the first half of the current financial year, sales were $85.5 million — up 25% from a year earlier — and the company was close to break-even. In the first half of last financial year, it had a $145.3-million loss due to IPO costs.

The company said Toutant would stay with the company until the end of the current fiscal year, ending in January.

Photography by The Canadian Press
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