MAV Beauty Brands names Tim Bunch as new president, CEO
Personal care company MAV Beauty Brands Inc, the parent company of Marc Anthony True Professional, Renpure, Cake Beauty and The Mane Choice, has named Tim Bunch as its new president and chief executive officer.
Bunch's appointment comes as part of a new streamlined organizational reporting structure, the Ontario-based company said. He will replace Marc Anthony Venere, the founder and former CEO of MAV. Venere will continue to serve as a director.
Bunch first joined MAV Beauty in 2017 as the company's chief revenue officer. Prior to MAV, Bunch held roles as chief marketing officer of Sundial Brands, a subsidiary of Unilever; vice president of fragrance and personal care categories for Coty; vice president and general manager, North America and Europe for Tria Beauty; and in a brand and general management role with Procter and Gamble.
"[Venere] is an amazing entrepreneur and for 25 years, has led the growth of this business from one salon to the leading independent haircare company it is today", said Chris Elshaw, chair of the company's board of directors.
"Since becoming a public company, we have strengthened our leadership team with key appointments of seasoned executives and, following the recent acquisition of The Mane Choice, we streamlined our organizational reporting structure to best support our brand portfolio and gain efficiencies. While [Venere] will no longer have day-to-day management responsibilities, he is committed to supporting the executive team under [Bunch's] leadership."
MAV Beauty completed its IPO in July 2018.
In a 2019 interview with Bloomberg, Venere stated that MAV was one of the top ten companies in the U.S. for beauty care and hair care, and the fastest-growing company of that top ten.
"Because we've now created this portfolio of brands that focuses on salon professional, naturals and millennials, the retailers are continuing to expand our shelf space," Venere told BNN Bloomberg's Catherine Murray.
Venere added that MAV entered ten new markets internationally in 2018, including Mexico, South America, South Africa, Russia and Australia.
In November 2019, the company lowered its full-year 2019 guidance, despite an 8 percent increase in its third-quarter revenue and the recent acquisition of The Mane Choice. The company reported revenue of $28.4 million for the quarter ended September 30, 2019, compared with $24.2 million in the prior-year period, while net income for the third quarter increased to $2.9 million from $6.7 million in the equivalent period year-prior.
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