EXHIBIT 99.1
FOR IMMEDIATE RELEASE
MEDIA CONTACTS:
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Weber Shandwick
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PEET'S COFFEE & TEA, INC. APPOINTS TOM CAWLEY
CHIEF FINANCIAL OFFICER
EMERYVILLE, Calif. - June 30, 2003 - Peet's Coffee & Tea, Inc. (NASDAQ:
PEET), a specialty coffee roaster and marketer of fresh whole bean coffee and
hand-selected teas, today announced the appointment of Tom Cawley to chief
financial officer, effective July 21, 2003. Cawley brings to the position more
than 21 years of strategic financial planning and management experience, with
extensive knowledge and financial leadership in both foodservice retail and
consumer packaged goods environments - a strong match with Peet's multiple
channel distribution model. Cawley will replace former chief financial officer,
Mark Rudolph, who accepted a new position at the privately-held Boudin Bakery &
Caf in San Francisco.
"Tom Cawley is a seasoned chief financial officer with a long track record of
accomplishments in businesses directly relevant to what we're building here at
Peet's," said Pat O'Dea, president and chief executive officer, Peet's Coffee &
Tea, Inc. "His leadership experience will help us further accelerate our growth
rate as we pursue our vision to be the gold standard specialty coffee and tea
brand in the world."
Throughout his 21-year career, Cawley successfully managed the growth of various
specialty retail and restaurant-oriented businesses, and set them up for
long-term profitability. Most recently, Cawley was the chief financial officer
of Gap U.S.A. Prior to that, Cawley spent 14 years with PepsiCo where he rose
to become chief financial officer of Pizza Hut, formerly a division of PepsiCo
and now part of Yum brands. Cawley also has extensive financial leadership
experience in consumer-packaged goods working for both The Quaker Oats Company
and General Foods earlier in his career.
O'Dea continued, "All of us at Peet's, the management team, board of directors
and 'Peetniks' [Peet's employees], throughout the company are grateful to Mark
for his many contributions over the years. Mark helped grow the company from $8
million to more than $100 million during his 15 years with Peet's, while rising
to chief financial officer during the past seven years. If Peet's had a hall of
fame, Mark would be in it. We wish him the very best in his new endeavor."
"I'm proud to have contributed to Peet's success during the past 15 years, and
while I'm excited about the new opportunity I've chosen to pursue, I remain
equally excited and confident in Peet's growth strategy and prospects," said
Mark Rudolph. "There's a strong team in place with a clear vision and plan and
I'm confident in their ability to execute and succeed."
-MORE-
PEET'S COFFEE & TEA, INC.
APPOINTS THOMAS CAWLEY TO CFO
PAGE 2 OF 2
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
69 company-owned stores in four 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.
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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. Specifically, the statements relating
to the future growth of the specialty coffee industry, Peet's strategic
positioning and the execution of its corporate strategy are forward-looking
statements. Because of the uncertainties inherent in these forward-looking
statements, our actual results could differ materially from those set forth in
forward-looking statements. Peet'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 Peet'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 Peet's filings with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the year ended December 29, 2002.