Jamba, Inc. Announces the Appointment of President and Chief Executive Officer
18 Novembre 2008 - 2:09AM
Business Wire
Jamba, Inc. (NASDAQ:JMBA; NASDAQ:JMBAU; NASDAQ:JMBAW)�today
announced the appointment of James White as its President and Chief
Executive Officer and as a member of its Board of Directors. Mr.
White's planned start date is December 1, 2008. Steven R. Berrard,
interim Chief Executive Officer and President, said �On behalf of
the entire Board, I would like to welcome James to Jamba. He is a
welcome addition to our management team and brings significant
expertise in consumer branding and innovation that will further
help us to focus on the best strategic opportunities to leverage
our brand and create long-term shareholder value.� In connection
with Mr. White�s appointment, Mr. Berrard will be stepping down as
the Company�s interim Chief Executive Officer and President but
will remain as the Company�s Chairman of the Board of Directors.
Mr. White was most recently Senior Vice President of Consumer
Brands at Safeway, Inc., a publicly-traded Fortune 100 food and
drug retailer. While at Safeway, he was most recently responsible
for consumer brands operation spanning 35 different categories,
including expanding private label into higher quality, premium
priced categories. In addition, Mr. White developed a robust
pipeline of innovation including the launches of O Organic foods
and Eating Right brands at Safeway. Mr. White also held the
position of Senior Vice President of Business Development, North
America, for The Gillette Company. At Gillette, he played a
critical role in implementing company-wide global quality and
service transformation and was responsible for supporting the North
American businesses. Mr. White also served in executive positions
at Nestle Purina and began his career at The Coca-Cola Company. �I
am very excited about joining the Jamba team and working with Steve
and the board to drive performance improvement. While there are
clearly challenges ahead, I feel that Jamba is a world-class brand
with unique growth and extension opportunities,� stated Mr. White.
Disclosure Regarding Mr. White�s Equity Award The equity award to
be granted to Mr. White in connection with his appointment as
President and Chief Executive Officer is considered an �inducement
award� as defined by NASDAQ Marketplace Rules. The inducement award
will consist of a nonqualified stock option award to purchase
1,500,000 shares of the Company�s common stock with an exercise
price equal to the fair market value of the Company�s common stock
on the date of the grant. The shares subject to the inducement
grant will vest over four years so long as Mr. White remains an
employee, with twenty-five percent of the total number of shares
subject to this award vesting on each anniversary of the date of
the grant. Mr. White will be entitled to one year of accelerated
vesting in any unvested stock options in the event of a termination
without cause or resignation for good reason (as such terms are
defined in Mr. White�s employment agreement). The inducement award
will be granted outside of the terms of the existing Company equity
incentive plans, was approved by the Compensation Committee of the
Company�s Board of Directors and was granted pursuant to NASDAQ
Marketplace Rule 4350(i)(1)(A)(iv). About Jamba, Inc. Jamba, Inc.
(NASDAQ:JMBA; NASDAQ:JMBAU; NASDAQ:JMBAW) is a holding company and
through its wholly-owned subsidiary, Jamba Juice Company, owns and
franchises JAMBA JUICE� stores. JAMBA JUICE is the leading blender
of fruit and other naturally healthy ingredients. Founded in 1990,
Jamba strives to inspire and simplify healthy living for its
customers and employees. As of October 7, 2008, JAMBA JUICE had 749
stores, of which 520 were company-owned and operated. For the
nearest location or a complete menu including our breakfast
smoothies with organic granola, please call: 1-866-4R-FRUIT or
visit the JAMBA JUICE website at www.jamba.com. Look for Jamba�s
ready-to-drink Jamba� bottled Smoothies and Juicies on grocery
store shelves. Forward-looking Statements This press release
(including information incorporated or deemed incorporated by
reference herein) contains �forward-looking statements� within the
meaning of the Private Litigation Reform Act of 1995.
Forward-looking statements are those involving future events and
future results that are based on current expectations, estimates,
forecasts, and projects as well as the current beliefs and
assumptions of our management. Words such as �outlook�, �believes�,
�expects�, �appears�, �may�, �will�, �should�, �anticipates�, or
the negative thereof or comparable terminology, are intended to
identify such forward looking statements. Any statement that is not
a historical fact, including estimates, projections, future trends
and the outcome of events that have not yet occurred, is a
forward-looking statement. Forward-looking statements are only
predictions and are subject to risks, uncertainties and assumptions
that are difficult to predict. Therefore actual results may differ
materially and adversely from those expressed in any
forward-looking statements. Factors that might cause or contribute
to such differences include, but are not limited to, those
discussed under the section entitled �Risk Factors� in our reports
filed with the SEC. Many of such factors relate to events and
circumstances that are beyond our control. You should not place
undue reliance on forward-looking statements. The Company does not
assume any obligation to update the information contained in this
press release.
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