MAV Beauty Brands announces New Executive Leadership

VAUGHAN, ON, Aug. 10, 2021 /CNW/ - MAV Beauty Brands Inc. ("MAV Beauty Brands" or the "Company") (TSX: MAV), a global personal care platform, announced today that its Board of Directors (the "Board") has made the following executive leadership appointments:

Appointment of Serge Jureidini as President and Chief Executive Officer

The Board has appointed Serge Jureidini as President and Chief Executive Officer, effective August 17, 2021. Tim Bunch has left the Company, and Chris Elshaw, Chairman of the Board, will act as Interim Chief Executive Officer until Mr. Jureidini commences employment.

"I would like to thank Tim for all his efforts and wish him every success in the future," said Chris Elshaw, Chairman of the Board. "In Serge, we believe we have found a leader for the next stage of MAV Beauty Brands' journey. The Board remains committed to the evolution of the business, through both organic growth and accretive acquisitions, while benefiting from the operational scale of the platform."

Serge Jureidini brings over 30 years of beauty and personal care business experience to his leadership of MAV Beauty Brands. Most recently, Mr. Jureidini was the Chief Marketing Officer at Revlon Inc., a multinational cosmetics, skin care, fragrance and personal care company. Earlier in his distinguished career, Mr. Jureidini held senior positions in other beauty and personal care companies, including as the President and Chief Executive Officer of Arcade Beauty, as the President of Lancôme USA and in a variety of roles within the Luxury Division of L'Oréal. Mr. Jureidini holds a Master of Management degree from École des Hautes Études Commerciales de Paris.

"I am excited to be joining MAV Beauty Brands and its remarkably talented team and founders. MAV has established a strong global personal care operating platform with four dynamic and differentiated brands in attractive categories and I look forward to building on this solid foundation, both organically and by acquiring additional high-growth brands over time," said Serge Jureidini.

Appointment of Laurel MacKay-Lee as Chief Financial Officer

The Board has appointed Laurel MacKay-Lee as Chief Financial Officer, effective August 30, 2021. Niv Majar, who has done an admirable job filling in as Interim Chief Financial Officer, will continue in his position as the Vice President of Finance of the Company.

Laurel MacKay-Lee is an experienced retail and finance executive with over 20 years of industry experience. Most recently, Ms. MacKay-Lee was the Chief Operating Officer at Stream Commerce, a full-service ecommerce agency.  From 2012 to 2018, Ms. MacKay-Lee was a Vice President in various roles at The Shopping Channel, a division of Rogers Communications Inc. Prior to that, Ms. MacKay-Lee held various senior roles at Skyservice Business Aviation, Cara Operations Limited and Loblaw Companies Limited. Ms. MacKay-Lee earned her Chartered Professional Accountant (CPA, CA) Designation while at KPMG LLP and holds a Bachelor of Commerce degree from the University of Toronto.

"It is exciting to have someone with the breadth of financial and operational experience as Laurel joining MAV Beauty Brands as our Chief Financial Officer,"  said Chris Elshaw, Chairman of the Board.  "Laurel has exceptional financial reporting and operational acumen and will undoubtedly strengthen our senior leadership team."

About MAV Beauty Brands (TSX:MAV)

MAV Beauty Brands is a global personal care platform focused on acquiring great independent brands and helping these brands to scale and win market share. We have built an operating platform to build brands through expanded distribution, innovation, and marketing. Today, we have a diversified portfolio of four complementary personal care brands – Marc Anthony, Renpure, Cake Beauty and The Mane Choice – offering premium quality hair care, body care and beauty products. These products are sold in over 30 countries around the world and in more than 100 of the world's largest retailers.

Forward-Looking Information

Certain information in this press release, including statements related to the Company's appointment of Serge Jureidini as President and Chief Executive Officer and Laurel MacKay-Lee as Chief Financial Officer and the Company's strategies for the growth of the business, constitutes forward looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events.

Although the Company believes that the forward-looking statements in this press release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking statements, including, without limitation, the following factors, many of which are beyond the Company's control and the effects of which can be difficult to predict: (a) the duration, severity and risks of the COVID-19 pandemic and the resulting impact on the Company's sales, operations and business, and (b) other risks inherent to the Company's business and/or factors beyond its control which could have a material adverse effect on the Company.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by MAV Beauty Brands as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Company's Annual Information Form dated March 30, 2021 for the year ended December 31, 2020 and the Company's other periodic filings made available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect MAV Beauty Brands; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and MAV Beauty Brands expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE MAV Beauty Brands

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