Tony Olson & Jeffrey Ubben Purchase Majority of SPINS Shares
SAN FRANCISCO, CA, July 29, 2004 -- SPINS announced today that current CEO Tony Olson and SPINS Board member Jeffrey Ubben have purchased a majority of shares in the Company from existing shareholders.
The transaction, terms of which were not disclosed, will result in the departure of founder and Chairman Paddy Spence from the Company. Olson will continue as CEO for San Francisco-based SPINS, and will assume the additional title of Chairman.
"Nine years ago, I founded SPINS to advance the growth of the health and wellness industry through the introduction of reliable, fact-based research," said Spence. "I'm proud to say that SPINS has been successful at that mission. We've forged partnerships with both industry leaders and emerging players, and the time is right for me to move on to new challenges. Tony Olson is a strong and capable leader who will continue to infuse the Company with the passion that has made SPINS a valuable part of this industry."
Spence will devote his energies to Binda, a new company he has founded to bring yoga instruction and lifestyle elements to Generation Y consumers, focusing on the 18-24 age group. He may be contacted at paddy@bindayoga.com.