PLANO, Texas, Aug. 14, 2024 (GLOBE NEWSWIRE) — Today, European Wax Center, Inc. (NASDAQ: EWCZ), the largest and fastest-growing franchisor and operator of out-of-home waxing services in the United States, announced that the Board of Directors has appointed David Berg as Chief Executive Officer (CEO), effective August 12, 2024. Mr. Berg succeeds David Willis, who served as CEO and previously held various positions including President, Chief Operating Officer and Chief Financial Officer.
Mr. Berg has served as Executive Chairman of European Wax Center since September 2023 and will remain in this role. He previously served as CEO from 2018 to 2023. During his five-year tenure, Mr. Berg led the Company’s expansion from nearly 700 centers to over 1,000 centers and led the Company through its successful initial public offering in 2021. Under Mr. Berg’s leadership, the Company increased network sales at double-digit rates and more than doubled its bottom-line performance, while consistently meeting or exceeding its earnings guidance and returning over $200 million of capital to shareholders through dividends and share repurchases.
“On behalf of the Board, we are pleased to welcome back David Berg as CEO. With his proven track record of driving sustained growth and shareholder returns, we believe he is the right leader to guide European Wax Center through this important time,” said Andrew Crawford, Director and Chair of the Board’s Nominating and Governance Committee. “The Board also thanks David Willis for his dedication and contributions over the last eight years, including the critical role he’s played in the Company’s transformation.”
“When I first joined European Wax Center six years ago, I was most excited about the Company’s undisputed leadership position, significant white space, passionate associates and consistent recurring revenue model that allowed our franchise partners to generate strong financial returns and reinvest in the brand,” said Mr. Berg. “All of these attributes exist at European Wax Center today, and I remain excited and optimistic about the potential that lies ahead. At the same time, I know there is work to be done, and I look forward to diving in and partnering with the Board and entire European Wax Center team to deliver long-term value to our guests, associates, franchisees and shareholders. I would also like to thank David Willis for being an invaluable partner to me over the last six years, and I wish him all the best in his future endeavors.”
Second Quarter 2024 Financial Results and Conference Call
European Wax Center will announce its financial results for 13 and 26 weeks ended July 6, 2024 in a separate release today. The Company will host a conference call to discuss second quarter fiscal 2024 results today, August 14, 2024, at 8:00 a.m. ET/7:00 a.m. CT. To access the conference call dial-in information, analysts should click here to register online at least 15 minutes before the start of the call. All other participants are asked to access the earnings webcast via https://investors.waxcenter.com.
About David Berg
David Berg has served as Executive Chair of the Company’s Board of Directors since September 2023 and a member of EWC Ventures’ Board of Directors since October 2018. Mr. Berg has served as a member of the Company’s Board of Directors since April 2021 and served as the Company’s Chief Executive Officer from October 2018 to September 2023. Prior to joining the Company, Mr. Berg served as Chief Executive Officer of Carlson Hospitality Group from May 2015 to March 2017, where he led the Carlson corporate center and managed the global hotel business. He also served as Chief Operating Officer of Carlson from January 2014 to April 2015. Previously, he served as Chief Executive Officer and Chief Customer Service Officer of Z Wireless from June 2013 to January 2014, as Executive Vice President and President of Outback Steakhouse from September 2011 to May 2013, as Chief Operating Officer of GNC Holdings Inc. from September 2009 to September 2011, and as Executive Vice President and Chief Operating Officer of Best Buy International from 2002 until 2009. He also served on the Board of Directors of Planet Fitness from September 2015 to May 2020. Mr. Berg received a B.A. in Economics from Emory University, and a J.D. with honors from the University of Florida College of Law.
About European Wax Center, Inc.
European Wax Center, Inc. (NASDAQ: EWCZ) is the largest and fastest-growing franchisor and operator of out-of-home waxing services in the United States. European Wax Center locations perform more than 23 million services per year, providing guests with an unparalleled, professional personal care experience administered by highly trained wax specialists within the privacy of clean, individual waxing suites. The Company continues to revolutionize the waxing industry with its innovative Comfort Wax® formulated with the highest quality ingredients to make waxing a more efficient and relatively painless experience, along with its collection of proprietary products to help enhance and extend waxing results. By leading with its values – We Care About Each Other, We Do the Right Thing, We Delight Our Guests, and We Have Fun While Being Awesome – the Company is proud to be Certified™ by Great Place to Work®. European Wax Center, Inc. was founded in 2004 and is headquartered in Plano, Texas. Its network, which now includes more than 1,000 centers in 45 states, generated sales of $955 million in fiscal 2023. For more information, including how to receive your first wax free, please visit: https://waxcenter.com.
