European Wax Center, Inc. (NASDAQ:EWCZ) disclosed the departure of Andrea Wasserman, the company’s Chief Commercial Officer, effective Monday. The Texas-based personal services firm revealed that Wasserman’s exit was formalized through a separation agreement, which includes a continuation of her current base salary for 12 months and potential bonus payments.
The separation agreement, dated September 16, 2024, stipulates that Wasserman will receive her base salary for a year following her departure, along with a pro-rated portion of her annual incentive bonus for fiscal year 2024, contingent upon the Compensation Committee’s determination. Moreover, Wasserman is eligible for health premium payments for up to a year should she opt for COBRA coverage, all conditioned on her adherence to the agreement’s terms.
The company, known for its personal grooming services, has not yet announced a successor for the Chief Commercial Officer role. The financial terms of the separation were detailed in the company’s latest regulatory filing with the SEC.
European Wax Center’s filing also included the complete text of the separation agreement as an exhibit, providing transparency about the arrangements following Wasserman’s tenure with the company. The filing did not disclose the reasons for Wasserman’s departure or any future plans she may have.
This news comes as part of the company’s current report update to the SEC, and it is based on a press release statement. As the company navigates this transition, stakeholders will be watching for further announcements regarding leadership changes and their potential impact on the company’s strategic direction.
In other recent news, European Wax Center (EWC) has seen various significant developments. The company reported a 2.3% increase in system-wide sales, reaching $260.2 million in their second quarter despite a challenging macroeconomic environment. EWC saw a 1.6% growth in same-store sales and improved gross margin to 73.2%. However, increased advertising expenses resulted in a 2.6% decrease in the adjusted EBITDA, prompting EWC to revise its financial guidance for 2024.
In response to these developments, several firms adjusted their ratings and price targets for EWC. Truist Securities maintained a Buy rating but halved its price target to $8. Baird maintained a Neutral rating, lowering the price target to $7.00, while Citi downgraded EWC from a Buy to a Neutral rating and significantly adjusted the price target to…
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