Discover the Future of European Wax Center: New CEO and Leadership Changes Unveiled
Leadership Changes
August 10, 2023
European Wax Center, Inc. (EWCZ) has unveiled significant changes to its leadership team as part of a strategic succession plan. The company, which stands as the largest and fastest-growing franchisor and operator of out-of-home waxing services in the United States, has announced that David Willis will succeed David Berg as Chief Executive Officer (CEO), effective September 30, 2023.
With a proven track record and extensive franchisee relationships, David Willis is set to lead European Wax Center into a new phase of growth. Currently serving as the President and Chief Operating Officer, Willis will step into the role of CEO, bringing his deep knowledge of the business model and strategic roadmap execution.
David Berg, the outgoing CEO, has played an instrumental role in the company's expansion and success. Under his leadership, European Wax Center's network has grown from nearly 700 centers to over 1,000 centers. This expansion has been accompanied by double-digit growth in network sales and a doubling of bottom-line performance. The company's successful IPO in 2021 marked a pivotal moment, leading to consistent earnings guidance and substantial returns to shareholders through dividends and share repurchases.
The transition in leadership is not just a change at the top but part of a thoughtful and comprehensive succession planning process. This process reflects the company's commitment to nurturing a strong bench of leaders who will drive European Wax Center's continued growth story. Chairman of European Wax Center's Board, Andy Crawford, highlighted the importance of this transition and the confidence the board places in the incoming leadership team.
David Willis, who has been serving as President since March 2023 and Chief Operating Officer since September 2019, brings a wealth of experience to his new role as CEO. He has held various key positions within the company, including Chief Financial Officer, during which he demonstrated his expertise in supply chain, finance, and operations matters. Willis is poised to accelerate the company's growth trajectory and enhance guest relationships by providing unparalleled service.
In addition to the CEO transition, European Wax Center is also making other significant leadership changes. Gavin O'Connor, Chief Legal and Human Resources Officer, will take on the newly created role of Chief Administrative Officer. In this capacity, O'Connor will oversee the company's supply chain and technology functions, alongside his existing responsibilities in legal, talent, ESG, and risk management.
The announcement of these leadership changes marks a pivotal moment in European Wax Center's journey. With a strong foundation built under David Berg's leadership and a seasoned executive like David Willis at the helm, the company is well-positioned to continue its growth story and deliver exceptional service to its customers.
These changes reflect the company's commitment to strategic growth and the seamless transition of leadership responsibilities. As the beauty and wellness industry continues to evolve, European Wax Center is poised to remain at the forefront, ensuring that its guests receive top-notch service and experiences.
How to trade CEO departures
Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better trader.