Strauss Coffee terminates CEO Morgan

Strauss Coffee said Friday that the company’s general shareholders approved the termination of Todd Morgan’s employment as CEO. Strauss said it will begin a “comprehensive and orderly process” to find its next CEO. Tomer Harpaz, E.V.P. for Business Development, Strategy and Technologies at Strauss Group, was named interim manager of Strauss Coffee. Harpaz has served as a director of Strauss Coffee for the past three and a half years. TPG owns a minority stake of Strauss and had sued in the Netherlands to block Morgan’s termination.

PRESS RELEASE

Petach Tikva, Israel – 3 January 2014 – Following the December 24, 2013 decision by Enterprise Chamber in the Netherlands to allow Strauss Coffee to replace the company’s Chief Executive Officer, the General Shareholders Meeting today approved the termination of Todd Morgan’s employment as CEO of Strauss Coffee. Mr. Morgan will complete his duties with immediate effect.

Further to the resolution at today’s General Shareholders Meeting and a November 25, 2013 Board of Directors resolution, Gadi Lesin, Chairman of the Strauss Coffee Board, announced the appointment of Tomer Harpaz, E.V.P. for Business Development, Strategy and Technologies at Strauss Group, as interim manager of Strauss Coffee. Mr. Harpaz has served as a director of Strauss Coffee for the past three and a half years, and has thorough knowledge of the company.  Moreover, in his capacity at Strauss Group, Mr. Harpaz has accompanied the company in significant business processes in recent years, including the formulation of a competitive business strategy and major acquisition processes.

The Strauss Coffee Board will begin a comprehensive and orderly process to find and appoint the next CEO of the company.

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