DTS8 Coffee appoints new CEO

Douglas Thomas has been appointed as a director, President, Chief Executive Officer, Chief Financial Officer and Secretary of DTS8 Coffee. DTS8 Coffee, a Chinese subsidiary of DTS8 Coffee Company, said the change is necessary as it seeks to grow, leveraging off the DTS8 Coffee Company name. Thomas will replace Sean Tan, who resigned as an officer and a director on 10 August. His management contract was also terminated after four years with the company. “It is time for a management change following relatively weak revenue growth in China,” said Alex Liang, Chairman of DTS8, in a statement. “China is one of the most highly sought after and strong growing coffee markets in the world. We are excited with the management change. We look forward to increased market share, revenues and enhanced shareholder value.” DTS8 Coffee Company is a Nevada based coffee distribution and marketing company. In 2012, the company acquired DTS8 Holding Co., which own DTS8 Coffee (Shanghai) Co. On Tuesday, China’s central bank devalued the yuan by nearly 2 per cent against the US dollar in order to boost exports and shift it closer to becoming an official reserve currency. Figures on the weekend showed Chinese exports tumbled 8.3 per cent in July, their biggest drop in four months. DTS8 Coffee’s office and coffee distribution facilities are in Shanghai. Its roasting facility is in neighbouring Zhejiang Province. The subsidiary wholesales its coffee to restaurants, multi-location coffee shops and offices in cities across China.