Tully’s Coffee Appoints New Chairman
SEATTLE -- TC Global Inc., dba Tully’s Coffee, a leading specialty coffee retailer, appointed current company President and CEO Carl W. Pennington, to the post of chairman of the board, the company reported.
Pennington will succeed company founder Tom “Tully” O’Keefe, who served as chairman since the company’s inception in 1992 until his retirement effective June 30, 2010. O’Keefe, who was the original driving force behind the building of the Tully’s brand, and widely regarded as one of the top gourmet brands in the coffee world, originally announced his intention to retire during Tully’s annual shareholder meeting in March, according to the company.
Upon being named Tully’s president in January 2008, Pennington was instrumental in refocusing corporate strategies and assembling the current management team that guided Tully’s to its first positive EBITDA earnings report from continued operations in the company's 18 year history, prior to selling the wholesale division to Green Mountain Coffee Roasters for $40.3 million in March 2009.
Additionally, effective July 1, 2010, the board of directors elected Walter Schoenfeld, and effective July 8, 2010, Scott Anderson, to serve as directors of the company.
Schoenfeld is chairman of Schoenfeld Group, serves as a director of Foundation Bank of Bellevue, Wash., and also serves as trustee of the Barbara Sinatra Children’s Center at Eisenhower Hospital in Rancho Mirage, Calif.
Anderson has been a principal of Cedar Grove Partners LLC, an investment and advisory firm, since 1997, and a principal of Cedar Grove Investments LLC, a private seed capital firm, since 1998. Anderson previously served in various senior management positions with McCaw Cellular Communications Inc./AT&T Wireless Services Inc., most recently as the senior vice president of acquisitions and development.
Pennington will succeed company founder Tom “Tully” O’Keefe, who served as chairman since the company’s inception in 1992 until his retirement effective June 30, 2010. O’Keefe, who was the original driving force behind the building of the Tully’s brand, and widely regarded as one of the top gourmet brands in the coffee world, originally announced his intention to retire during Tully’s annual shareholder meeting in March, according to the company.
Upon being named Tully’s president in January 2008, Pennington was instrumental in refocusing corporate strategies and assembling the current management team that guided Tully’s to its first positive EBITDA earnings report from continued operations in the company's 18 year history, prior to selling the wholesale division to Green Mountain Coffee Roasters for $40.3 million in March 2009.
Additionally, effective July 1, 2010, the board of directors elected Walter Schoenfeld, and effective July 8, 2010, Scott Anderson, to serve as directors of the company.
Schoenfeld is chairman of Schoenfeld Group, serves as a director of Foundation Bank of Bellevue, Wash., and also serves as trustee of the Barbara Sinatra Children’s Center at Eisenhower Hospital in Rancho Mirage, Calif.
Anderson has been a principal of Cedar Grove Partners LLC, an investment and advisory firm, since 1997, and a principal of Cedar Grove Investments LLC, a private seed capital firm, since 1998. Anderson previously served in various senior management positions with McCaw Cellular Communications Inc./AT&T Wireless Services Inc., most recently as the senior vice president of acquisitions and development.