Roots shareholders elect two new directors to board

Published 23/07/2025, 00:02
Roots shareholders elect two new directors to board

TORONTO - Premium outdoor lifestyle brand Roots Corporation (TSX:ROOT), currently valued at $1.94 billion and showing strong momentum with a 73.72% year-to-date return, announced Tuesday that shareholders elected two new directors to its board at the company’s Fiscal 2024 Annual and Special Meeting, where approximately 82% of outstanding shares were represented. According to InvestingPro analysis, the company maintains a GOOD financial health score, with 12 key insights available to subscribers.

Scott Cameron, a consultant with experience in consumer goods and former CEO of Hourglass Cosmetics, and Edward Kernaghan, President of Kernwood Limited, joined the board as Richard Mavrinac and Joel Teitelbaum did not seek re-election.

All nine director nominees were elected with over 99.8% approval. Shareholders also reappointed KPMG LLP as the company’s auditor with 99.94% support and approved an amendment to Roots’ omnibus equity incentive plan with 99.5% approval, increasing available shares under the plan from 3,679,220 to 4,084,703.

"Scott’s deep experience in Asia will be additive as we continue to explore global expansion, while Ed brings a strong background in capital markets and public company boards," said Meghan Roach, President and Chief Executive Officer of Roots, in a statement released by the company.

Cameron previously held senior executive roles at Canada Goose, including President of Asia-Pacific, while Kernaghan currently serves on several public company boards including Velan Inc. and Exco Technologies Limited.

Established in 1973, Roots operates over 100 corporate retail stores in Canada, two in the United States, and more than 100 partner-operated stores in Asia, along with its e-commerce platform.

In other recent news, Root, Inc. reported impressive financial results for the first quarter of 2025, significantly surpassing market expectations. The company achieved earnings per share of $1.07, well above the forecasted $0.17, and reported revenue of $349.4 million, exceeding the anticipated $303.9 million. This strong performance was characterized by robust top-line growth and industry-leading underwriting proficiency, with gross and net loss ratios outperforming analyst predictions by 5 to 6 points. Additionally, Root has seen a 9% quarter-over-quarter growth in policies in force, surpassing the consensus forecast of 4%.

In light of these positive results, Keefe, Bruyette & Woods raised their price target for Root’s shares to $170, maintaining an Outperform rating, while Jefferies increased their price target to $166, reiterating a Buy rating. The company also announced its third consecutive quarter of positive net income, contributing to a net combined ratio of 96%. Despite expectations for moderated policy growth for the rest of 2025, Jefferies attributes the earnings per share improvement to better loss ratios. In governance news, Root held its 2025 Annual Meeting of Stockholders, where Jerri DeVard and Nancy Kramer were elected as Class II directors for terms expiring in 2028.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.