The Honest Company (NASDAQ: HNST), a personal care company
dedicated to creating cleanly-formulated and sustainably-designed
products, today announced that Chief Financial Officer Dave Loretta
will retire from the Company this year. The Company has begun a
search for Loretta’s replacement, which is being supported by a
leading executive search firm. Loretta will stay with the Company
through the transition of the new CFO.
“Dave joined us at a pivotal time in our
Transformation Initiative with the goal of restructuring our
financial model and establishing a framework for long-term
financial stability. We are deeply grateful for the mark he’s left
on both our financial strategy and our organization as a whole,”
said Carla Vernón, CEO of The Honest Company. “Thanks to Dave’s
leadership, we have an exceptional finance team in place, the
business is stronger than ever, and we are well-positioned for the
future, all of which gives us great confidence as we move forward
with the search for our next CFO. On behalf of everyone at The
Honest Company, we thank Dave for his dedication, leadership and
partnership, and we wish him the very best in this next
chapter.”
Loretta joined The Honest Company in 2023, helping
the Company deliver increased revenue, significant expansion in
gross margin, and positive operating profitability in Q4 2023,
which continued quarterly through our most recently reported Q3
2024 results versus the comparable periods in the prior year.
“It has been an honor to serve as The Honest
Company’s CFO and to be part of this remarkable brand, working
alongside such a talented group of people,” said Dave Loretta, CFO
of The Honest Company. “I am proud that in my time at Honest, I was
able to advance the strength of the business model as well as the
finance organization. I leave knowing that The Honest Company is
well positioned for continued success, and I am committed to
ensuring a smooth transition.”
Loretta will continue in his role until his
retirement and will work closely with the leadership team and the
Board of Directors to facilitate a seamless transition to a new
CFO.
In connection with this announcement, The Honest
Company is reaffirming the following full year 2024 outlook
previously provided on November 12, 2024, in conjunction with its
third quarter 2024 results:
- Revenue growth of a high single digit percentage
year-over-year
- Adjusted EBITDA in the range of $20 million to $22 million
The Honest Company’s consolidated financial
statements for the year ended December 31, 2024 are not yet
available. The Company’s financial closing procedures are not yet
complete and, as a result, final results may vary from this outlook
due to the completion of the Company’s financial closing
procedures, final adjustments and other developments that may arise
between now and the time the Company issues its consolidated
financial statements for the year ended December 31, 2024.
Forward-Looking Statements
This press release contains forward-looking
statements about us and our industry that involve substantial risks
and uncertainties. All statements other than statements of
historical facts contained in this press release are
forward-looking statements. In some cases, you can identify
forward-looking statements because they contain words such as
“anticipate,” “believe,” “contemplate,” “continue,” “could,”
“estimate,” “expect,” “intend,” “may,” “plan,” “potential,”
“predict,” “project,” “should,” “target,” “will” or “would” or the
negative of these words or other similar terms or expressions.
These forward-looking statements include, but are not limited to,
statements concerning our expectations regarding future results of
operations and financial condition, including our revenue and
adjusted EBITDA outlook for 2024; the timing and terms of Mr.
Loretta’s retirement and our ability to find a suitable successor
to Mr. Loretta and conduct a smooth transition; and that we are
well-positioned for the future and our great confidence as we move
forward with the search for our next CFO.
You should not rely on forward-looking statements
as predictions of future events. We have based the forward-looking
statements contained in this press release and the earnings call
referencing this press release primarily on our current
expectations and projections about future events and trends that we
believe may affect our business, financial condition and operating
results.
The outcome of the events described in these
forward-looking statements is subject to risks, uncertainties and
other factors described in the section titled “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2023,
filed with the Securities and Exchange Commission (“SEC”) on March
8, 2024, as updated by Part II, Item 1A, “Risk Factors” in our
Quarterly Report on Form 10-Q for the quarter ended September 30,
2024, filed with the SEC on November 12, 2024. New risks and
uncertainties emerge from time to time, and it is not possible for
us to predict all risks and uncertainties that could have an impact
on the forward-looking statements contained in this press release.
The results, events and circumstances reflected in the
forward-looking statements may not be achieved or occur, and actual
results, events or circumstances could differ materially from those
described in the forward-looking statements.
The forward-looking statements made in this press
release relate only to events as of the date on which the
statements are made. We undertake no obligation to update any
forward-looking statements made in this press release to reflect
events or circumstances after the date of this press release or to
reflect new information or the occurrence of unanticipated events,
except as required by law. We may not actually achieve the plans,
intentions or expectations disclosed in our forward-looking
statements, and you should not place undue reliance on our
forward-looking statements. Our forward-looking statements do not
reflect the potential impact of any future acquisitions, mergers,
dispositions, joint ventures or investments.
About The Honest Company The
Honest Company (NASDAQ: HNST) is a personal care company dedicated
to creating cleanly-formulated and sustainably-designed products
spanning categories across diapers, wipes, baby personal care,
beauty, apparel, household care and wellness. Launched in 2012, the
Company is on a mission to challenge ingredients, ideals, and
industries through the power of the Honest brand, the Honest team,
and the Honest Standard. For more information about the Honest
Standard and the Company, please visit www.honest.com.
Investor Inquiries:Elizabeth
Bouquardebouquard@thehonestcompany.com
Media Contact:Brenna Israel
Mastbisrael@thehonestcompany.com
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