By Daniella Parra
Grove Collaborative Holdings, Inc. (NYSE: GROV) said Jeff Yurcisin was appointed as new CEO, Stuart Landesberg as Executive Chairman, and John Replogle lead independent director.
The company said it is maintaining 2023 revenue guidance and raising adjusted EBITDA guidance. Net revenue of $66.1 million was down 7.6% from the first quarter of 2023, and down 16.6% year-over-year, largely due to reductions in advertising spend as we focus on profitability, it said.
“I continue to have confidence that the improvements we are making to our core operations, while also investing in long-term growth drivers like omni-channel distribution, expanding the health & wellness category, and exploring opportunistic M&A all get us closer to fulfilling our potential as a growing and profitable company that can transform our categories for a more sustainable future,” Mr. Landesberg said. “I am proud of the exceptional work our teams have done across the business to produce transformative results in our first year as a public company.”
The new members in leadership believe deeply in Grove’s mission to move the consumer products industry Beyond Plastic and are passionate about the role the private sector can play in sustainability, the company said.