EMERYVILLE, Calif. - January 10, 2005 - Peet's Coffee & Tea, Inc. (NASDAQ: PEET), a specialty coffee roaster and marketer, today announced the appointment of three senior executives. Effective immediately, Bruce Schroder will become Vice President and General Manager, Retail, Joel Sjostrom will be appointed to Vice President Retail Operations and John Aitchison takes the reins as General Sales Manager of the company's direct store delivery (DSD) grocery business.
Schroder will have overall responsibility for the company's retail business, reporting to Pat O'Dea, president and chief executive officer of Peet's Coffee & Tea. Schroder joined Peet's in 2002, most recently serving as Vice President of the Specialty business. Earlier in his career, Schroder held various sales, marketing and general management positions at Pepsico where he led the expansion of the company's Taco Bell Express operations to a network of 2,500 outlets nationwide.
"Bruce has a proven track record of results here at Peet's," said O'Dea. "His extensive background with retail expansion, general management experience and depth of understanding of our unique retail store make him the ideal executive for this newly established post."
Sjostrom will head the company's retail field organization, reporting to Bruce Schroder. His responsibilities will include overseeing all retail store operations, personnel and training. Sjostrom comes to Peet's with 20 years of retail operations experience at companies including Baker's Square, Briazz and most recently the Old Navy division of Gap Inc.
"Joel is a great leader and developer of people with extensive retail operations experience in both large and small environments," said O'Dea, "He is the perfect leader for our stores and, with Bruce's support building the infrastructure to support and expand our retail business, this is a one-two punch that will help us realize the unique vision we have for Peet's overall, and in our stores."
In addition to strengthening its retail leadership team, Peet's also announced the appointment of John Aitchison as General Sales Manager of the company's direct store delivery (DSD) grocery business. Aitchison is a 20 year veteran of DSD sales management where he has enjoyed success with Frito Lay, Keebler and Kelloggs.
"We're pleased to have John join the Peet's team," added O'Dea. "The decision to hire John fits our philosophy of bringing in senior leaders with deep experience to lead our fast growing specialty businesses." Aitchison, along with the other specialty units, will report to Pat O'Dea, president and chief executive officer of Peet's Coffee & Tea.
ABOUT PEET'S COFFEE & TEA, INC.
Founded in Berkeley, Calif. in 1966, Peet's Coffee & Tea, Inc. is a specialty coffee roaster and marketer of fresh, deep-roasted whole bean coffee for home and office enjoyment. Peet's fresh-roasted coffee, hand-selected tea and related items are sold in several distribution channels including specialty grocery and gourmet food stores, online and mail order, office and restaurant accounts and company-owned stores throughout the United States. Peet's is committed to strategically growing its business and to maintaining a unique culture and focus on customer satisfaction. For information about Peet's Coffee & Tea, Inc., visit www.peets.com or call 1-800-999-2132. Peet's Coffee & Tea, Inc. shares are traded under the symbol PEET.
This press release contains statements that are not based on historical fact and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because of the uncertainties inherent in these forward-looking statements, the Company's actual results could differ materially from those set forth in forward-looking statements. The Company's estimates regarding its operations and financial results are based on currently available operating, financial and competitive information. Actual future results and trends may differ materially depending on a variety of factors including but not limited to, risks arising from accounting adjustments; the Company's ability to implement its business strategy, attract and retain customers, and obtain and expand its market presence in new geographic regions; the availability and cost of high quality Arabica coffee beans; consumers' tastes and preferences; and competition in its market as well as other risk factors as described more fully in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 28, 2003.