Second Cup appoints new Chief Executive Officer

Canadian coffee chain Second Cup Has appointed Steve Pelton as its new Chief Executive Officer, following the announcement that current CEO Garry McDonald will retire on 31 May. “I joined Second Cup with the mandate and vision to strengthen its foundations and set the brand on a path for growth,” Macdonald says. “I am proud of what we have achieved. My sincere thanks go to the dedicated and passionate team at Second Cup. I feel comfortable that Steve Pelton will be assuming leadership of Second Cup which is now well positioned for a new phase of growth”. Read more:
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• SCA and Square report reveals Canada’s preferred beverage is still the latte In joining Second Cup, Pelton will take over the equity appreciation of the company, which will result in close alignment with the interests of shareholders. “On behalf of the board of directors, I thank Garry for his extraordinary commitment over the last two years, stabilising the company and preparing it for growth. When Garry became CEO, he made it clear that this would not be a long-term assignment. With Garry’s important work complete, Steve Pelton is exceptionally well qualified to lead Second Cup to an ambitious new phase of growth,” Michael Bregman, Chairman of Second Cup, says, Pelton was the Co-founder and CEO of Landing Restaurants, which were sold to Recipe Unlimited in 2014. Remaining with the organisation, Pelton continued to oversee the Landing Restaurants and additional brands totalling more than US$200 million in annual revenues. “Second Cup has long been a Canadian success story. I look forward to working with its entire team, from the Board and management to the front-line employees who serve its customers every day, to fortify Second Cup's position as Canadians' favourite home-grown, truly Canadian specialty coffee retailer,” Pelton says. In the first quarter of 2019, Second Cup reported net income of US$750,000, a significant shift over the same period in 2018 where the company reported a loss of US$138,000.