Eve Sleep plc (EVE)
Eve Sleep plc ("eve" or the "Company")
James Sturrock to step down as CEO, Cheryl Calverley currently CMO promoted to CEO
eve Sleep, the direct to consumer sleep wellness brand operating in the UK, Ireland and France announces that James Sturrock has informed the Board of his intention to step down from his role as Chief Executive Officer with effect from 12 May 2020, to take-up a new external position. James will remain on the Board as a Non-Executive Director, with effect from 12 May 2020, allowing the Company to continue to benefit from his expertise. The Board is delighted to announce that Cheryl Calverley, currently eve's Chief Marketing Officer, will be promoted to the role of CEO. It is intended that Cheryl will be appointed to the Board of eve subject to the completion of the customary due diligence checks required by the AIM Rules.
Cheryl was the first of the new management team put in place by James, joining eve in December 2018 as CMO. Since joining eve, Cheryl has relaunched the brand and reset the marketing strategy, achieving significant improvements in both brand awareness and marketing efficiency from the latest campaigns. Cheryl has over 15 years experience in marketing and building brands, working with leading consumer facing companies including Unilever, Birds Eye Iglo and most recently The AA, where she held the position of Marketing Director.
Paul Pindar, Chairman of eve Sleep commented:
"On behalf of the Board I would like to thank James for his leadership through a difficult period for eve. The business has been reset and the benefits of the rebuild strategy are increasingly evident. Our full year results in March showed that eve had been profitable at the operating level, pre-central overheads, for the last six months to end February 2020, with costs and cash burn greatly reduced and further substantial improvements expected in the current year. I have every confidence that Cheryl will lead eve to profitability, securing our sustainable future as the go-to sleep wellness brand."
James Sturrock, CEO of eve Sleep commented:
"The timing is right to make this transition. The new leadership team has been embedded and proven, the business and all of its processes has been overhauled and right sized and eve is well advanced on the path to profitability. It is clear to me that I can fully support eve in a non-executive capacity and that Cheryl, as an expert in building consumer brands, is well placed to take eve forward."
Cheryl Calverley, CEO designate of eve Sleep commented:
"eve has a big future. We have built a differentiated position in the sleep wellness market, focused on premium, award winning products wrapped in an increasingly powerful and emotionally impactful brand and we will continue to lead and innovate in the category. eve has a proven management team, a clear strategy and a strong cash balance to take the business into profitability and deliver value for all stakeholders. The opportunity to look after this incredible team of people and support them in achieving our success is an absolute privilege."
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014.
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