Provides update on third quarter 2015 sales
Jamba, Inc. (NASDAQ:JMBA) (“Jamba” or the “Company”), a leading health
and wellness brand, today announced that James D. White will be retiring
as the Company’s President, Chief Executive Officer and Chairman of its
Board of Directors (the “Board”). The Board has formed a search
committee and hired The Elliott Group, an internationally recognized
executive search firm, to identify a successor CEO, and Mr. White will
remain in his current position to help oversee Jamba’s operations until
a successor has been identified. The Board expects to hire a CEO who has
a strong track record of success, financially and operationally, as a
leader in a franchisor organization in the restaurant industry.
“I’ve been privileged to lead this pioneering and innovative company. We
have transformed Jamba into a leading healthy, active lifestyle brand
that is inspiring and simplifying healthy living in this country and in
many countries around the world,” said Mr. White. “I am very proud of my
team’s track record in turning the Company around, creating a steady
stream of innovative smoothies, premium juices and foods, and creating
value for our associates, franchisees and shareholders.
Mr. White continued, “While I’ve thought about this transition for a
while, the timing has been influenced by the virtual completion of our
accelerated refranchising initiative, which now positions Jamba as a 90
percent franchised entity. At this point, after seven years as CEO, I
feel it is right for me to move on and for the Board to transfer
leadership to a new generation.”
“On behalf of the entire Company, I would like to express my gratitude
and appreciation to James for his service and dedication to Jamba during
his tenure,” said Andrew Heyer, lead Independent Director of the Board.
“Under James’ leadership, the Company has launched a number of important
initiatives to strengthen Jamba’s position as the leading health and
wellness brand in the restaurant industry. We wish him well in his
future endeavors.”
Mr. Heyer continued, “The board thanks James for having assembled a
talented senior level management team. The knowledge, skills and proven
track records of our key executives will ensure that Jamba maintains its
operational focus and continues the forward momentum of its
refranchising efforts during the interim period. This leadership change
will not impact our ongoing transition to an asset-light,
franchise-focused model, and I am confident that we will continue making
progress in our franchise program. The search committee is focused on
recruiting an executive with extensive restaurant industry experience
and a strong track record of flawless execution and financial
performance to lead our team in creating extraordinary value for our
customers, shareholders and employees.”
Jamba is also providing an update on the Company’s estimated same-store
sales for the third quarter. Jamba expects third quarter 2015 same store
system-wide sales growth to be in the range of 4-5% and company owned
same store sales growth to be in the range of 5-6%. More details will be
given on the Company’s third quarter 2015 earnings call to be held in
early November.
About Jamba, Inc.
Jamba, Inc., owns and franchises Jamba Juice® stores through its
wholly-owned subsidiary, Jamba Juice Company. Jamba Juice Company is a
leading restaurant retailer of better-for-you, specialty beverage and
food offerings, which include great tasting, whole fruit smoothies,
fresh-squeezed juices and juice blends, hot teas and a variety of food
items including, hot oatmeal, breakfast wraps, sandwiches, Artisan
Flatbreads™, Energy Bowls™, baked goods and snacks. As of June 30, 2015,
there were 875 store locations globally. There were 206 Company-owned
and operated stores and 601 franchise-operated stores in the United
States, and 68 franchise-operated international stores. Jamba Juice
Company expanded the Jamba® brand by direct selling of consumer packaged
goods (“CPG”) and licensing its trademarks. CPG products for at-home
enjoyment are also available online, through select retailers across the
nation and in Jamba® outlets in the United States.
Fans of Jamba Juice® can find out more about Jamba Juice's locations as
well as specific offerings and promotions by visiting the Jamba Juice
website at www.jambajuice.com
or by contacting Jamba’s Guest Services team at 1-866-4R-FRUIT
(473-7848).
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