MONTREAL - The CEO of candy retailer Squish is taking over from her father as head of insolvent tea company DavidsTea.
Sarah Segal becomes chief executive of the Montreal-based company on Wednesday while chief financial officer Frank Zitella becomes president. DavidsTea co-founder Herschel Segal is stepping down as interim CEO but will remain board chairman.
The executive changes were announced Tuesday as the company reported its second-consecutive quarterly profit.
It earned $14.5 million or 54 cents per share in the third quarter, compared with a loss of $10.8 million or 42 cents per share a year earlier.
The adjusted profit was $2.3 billion or nine cents per share, versus an adjusted loss of $8.8 million or 34 cents per share in the third quarter of 2019.
Revenues for the three months ended Oct. 31 decreased 33.6 per cent to $26.2 million, from $39.5 million.