Interim Chief Executive Officer and Chief Financial Officers Appointed, Chief Executive Officer and Chief Financial Officer Resign
Jamba, Inc. (NASDAQ: JMBA, NASDAQ: JMBAU, NASDAQ: JMBAW) announced the following changes to its senior management team:
Steven R. Berrard, the Company's Chairman of the Board, has assumed the role of interim Chief Executive Officer and President of the Company, replacing Paul E. Clayton, who has resigned as an officer and as a member of the Board of Directors,
Karen Luey, Vice President, Controller, and Principal Accounting Officer of the Company, has assumed the role of interim Chief Financial Officer of the Company, replacing Donald D. Breen, who has resigned to pursue another opportunity, but will provide transition assistance to Ms. Luey in assuming her new responsibilities.
Both of these changes are effective immediately.
The Company has retained an executive search firm and will begin a nationwide search for replacements for the Chief Executive Officer/President and Chief Financial Officer positions.
'I have agreed to assume the responsibilities of Chief Executive Officer and President on an interim basis at the request of the Board of Directors, who determined that, in consideration of my knowledge of the Company and business background with other consumer turnaround situations, that I would be the most appropriate person to lead the Company on an interim basis, given the challenging environment the Company faces,' said Steven Berrard. Continuing, Mr. Berrard noted that, 'Notwithstanding these tough times, the Board remains steadfast in its belief in the future of Jamba, Inc. and is fully committed to helping the Company and its leadership team realize its full potential for the benefit of our stockholders, as well as our team members, franchisees, and many other business partners. I would like to personally thank Paul Clayton for eight years of devoted service to building the Jamba brand.'
Mr. Berrard led the Company's earlier acquisition of Jamba Juice Company in 2006 and previously served as Chief Executive Officer of the Company prior to the acquisition. Mr. Berrard was the former President and Chief Executive Officer of Blockbuster Entertainment Group, the world's largest video store operator, member of the Board of Directors of Viacom, Inc. and co-founder and Co-Chief Executive Officer of AutoNation Inc., the nation's leading automotive retail company.
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