Joel Silver, a former president of Indigo Books & Music, is the new chief executive officer at DAVIDsTEA, North America’s second-largest specialty tea chain with 234 shops. He is the company’s fourth chief executive, following Sylvain Toutant, who resigned in October to pursue personal interests.
Silver began work Monday.
Maurice Tousson, chairman of the company’s board of directors, said that Silver’s “diverse experience with consumer-centric and lifestyle brands, coupled with his leadership skills and a track record of success make him an excellent fit to lead DAVIDsTEA.”
Tousson said Silver’s skill set “will be valuable as we capitalize on the opportunities to grow the DAVIDsTEA brand.” He thanked Christine Bullen for her contribution as interim president and CEO. Bullen will return to her duties as managing director of U.S. operations.
Silver said he “looks forward to working with the board, management, and passionate team members of this unique and exciting company as we work together to expand the business and realize the potential for DAVIDsTEA.”
DAVIDsTEA is publicly held. In its latest financial filing the company reported 21.5% sales growth of $33 million ($44.1 million CDN). The company opened 17 new stores in the third quarter of fiscal 2016 and ended the quarter with a total of 225 stores in Canada and the U.S. This represents an increase of 23% from the end of the third quarter of fiscal 2015. The company reported a third quarter net loss of $3.7 million ($5 million CDN) including $600,000 paid to Toutant.
Silver was most recently employed at TrilogyGrowth, a venture capital fund he cofounded. The fund invested in consumer brands including Indeed Laboratories, a Canada-based skin care company with global distribution; Poppin, which sells office supplies; and iStore, a Canada-based retail and wholesale brand offering trendy and practical digital lifestyle solutions.
Silver is known for launching Indigo Kids and e-reader Kobo at Indigo, Canada’s largest bookstore chain, where he worked from 2003 to 2011. He remains a member of the Indigo board. Silver began his career in brand management at Procter & Gamble. He holds an MBA from Harvard University, after completing undergraduate work at Wilfrid Laurier University in Canada.