VANCOUVER, British Columbia, June 18, 2020 (GLOBE NEWSWIRE) -- Swiss Water Decaffeinated Coffee Inc. (TSX – SWP) (“Swiss Water” or “the company”) today reported that David Rowntree has announced his intention to retire as Chairman and Director of the company immediately following Swiss Water’s 2020 annual general meeting of shareholders (AGM) on June 25, 2020. Mr. Rowntree has served as Chairman since the company went public in 2002.
“On behalf of the board and management of Swiss Water, I want to thank David Rowntree for his invaluable contribution to the company over the past 18 years,” said Frank Dennis, President, CEO and a Director of Swiss Water. “On a personal note, I would also like to express my appreciation to David for his guidance and mentorship. As Chairman, his insights and even-handed management of all board business, particularly as the company has grown in size and scope, has been of great benefit. We all wish David well as he leads his own firm, Highland West Capital, into the future.”
The company also announced today that Robert B. Johnston will be appointed to its Board of Directors on June 25, 2020, following the AGM to fill the vacancy created by Mr. Rowntree’s retirement. In addition, Swiss Water announced its intention to appoint Donald J. Tringali as an additional member of its Board of Directors on or before July 31, 2020.
Mr. Johnston is Chief Strategy Officer of The InterTech Group Inc., a leading, private investment company based in South Carolina, USA. He brings extensive public company and related industry experience to Swiss Water having served on the boards of a number of domestic and international companies in the packaging, food and agricultural industries. Mr. Johnston’s previous experience includes serving as Deputy Governor, President and CEO of the Hudson’s Bay Company. He holds a Master’s Degree in Public Policy and Public Administration, and an MBA from Concordia University in Montreal, and has completed the University of Oxford Advanced Management and Leadership Program in the UK. Mr. Johnston also holds the Icd.D designation from the Institute of Corporate Directors.
Donald Tringali is founder and Chief Executive Officer of Augusta Advisory Group, a US-based boutique financial and business consulting firm providing a full range of executive, operations and corporate advisory services to leading public and private companies in a wide array of industries. He has over 30 years experience as a business lawyer, C-level executive, independent corporate director and board advisor. Mr. Tringali holds a BA in Economics from UCLA and a JD (Juris Doctor) degree from Harvard Law School.
“We feel that Robert and Don will bring a wealth of experience and proven capabilities to the Board, and will be great assets to the company going forward,” said David Rowntree, Swiss Water’s outgoing Chairman.
Added Mr. Rowntree, “It has been my great pleasure to work with Swiss Water, its CEO Frank Dennis and the company’s entire management team as they have built the business from a single plant supplying primarily North American customers to a global coffee company with a growing presence on every continent and customers in 60 countries. I would like to thank all members of Swiss Water’s Board of Directors for their time, effort and wise counsel in support of the company’s business and management. Looking ahead, I have great confidence in the future of the company.”
Following the AGM, the company’s Compensation and Corporate Governance Committee will undertake a process to choose a new Chair.
Company Profile
Swiss Water Decaffeinated Coffee Inc. is a leading specialty coffee company and a premium green coffee decaffeinator which employs the proprietary SWISS WATER® Process to decaffeinate green coffee without the use of chemical solvents. It also owns Seaforth Supply Chain Solutions, a green coffee handling and storage business. Both businesses are located in the cities of Burnaby and Delta, British Columbia.