David’s Tea co-founder and brand ambassador resigns
David Segal, the co-founder and namesake of David's Tea, resigned from his role as brand ambassador of the Canadian specialty tea chain. According to a filing with the US Securities and Exchange Commission, Segal left the company last week to pursue other entrepreneurial interests despite remaining the third-largest shareholder in the company, with nearly 10 percent of the outstanding shares. Having co-founded David's Tea in 2008, Segal spearheaded the brand's store and packaging design, as well as product development, before taking part in the company's IPO last year. David's Tea currently operates 156 stores in Canada and 37 in the US, with another 39 locations planned across the two countries this year. The company anticipates sales in the $175 - $177 million range for fiscal 2015.