Joel Silver - High growth consumer business executive.
High growth consumer business executive who helps scale brands from small companies to $1B businesses. An experienced global consumer executive who has led fundamental strategic transformations to help build incredible businesses. An entrepreneur at heart that achieves results inside larger companies and or helping build portfolio companies to significant scale. A student of the growth mindset and a committed lifetime learner. Experience
Polar Growth Partners, LLC, San Francisco, CA 2018-current Consulting with Foundation Capital for one of their portfolio companies –Vetted Pet Care, which is on-demand veterinary service based in Los Angeles. Activities have included: Coaching and mentoring the CEO; Scaling the company to prepare it for Series A financing; Advising on the build out of the brand and the customer acquisition funnel; Operations; and built out a financial model and rebuilt all core cohort reporting and analyses. DAVID’s TEA, President & CEO, Board Member, Montreal, Canada 2017-2018 DAVID’s TEA is a NASDAQ (DTEA) listed company based in Montreal that operates an omni-channel health and well-being brand across the web and 250 retail stores and over 2,500 employees in North America with annual revenues of $240M in the tea & accessories category. Brought in to turnaround the brand and to lead the company to become a major e-commerce player. Before joining, company was on a path to rapid US retail expansion, which was halted and a new strategy was created.
• Doubled e-commerce growth in North America to 30% and built a growth pathway to +50%
• Launched DAVIDs TEA 2.0 - a renovation concept & drove +15% comp and < 1-year payout
• Re-structured organization to save over $3.5M of SG&A to re-invest in e-commerce
• Created the first wholesale grocery deal on path to deliver +$10M revenue
• Streamlined inventory management and implemented open to buy cutting inventory by 30%
• Moved to single supplier for online and retail pick/pack 10% on fulfillment costs
• Stabilized US store base delivering +1% retail comp from -15% in the prior quarter
• Delivered new online platform investment, Salesforce Commerce Cloud, on time and on budget
• Doubled investment in digital marketing and delivered +50% ROI INDIGO BOOKS & MUSIC, Toronto, Canada 2004-2016
Indigo, a public traded company (IDG.TO) is Canada’s leading bookseller with over $1B in revenue and over 5,000 employees and 250 locations. Indigo is a successful global bookseller as it re-built itself into a lifestyle retailer. Trilogy Growth, Managing Director + Indigo Board member 2011-2016 Trilogy Growth is a $25M consumer venture capital fund focused on the consumer and e-commerce space. Trilogy was controlled by Indigo controlling shareholders Gerry Schwartz and Heather Reisman. Served on the Indigo Board of Directors to help support their transition from books to a lifestyle retailer. Companies included:
• Poppin is a design oriented online furniture retailer that grew from <$10M to almost $100M
• iStore is a brand of airport consumer electronics that grew from $10M to over $50M of retail revenue 2
Indigo Books & Music, President & Chief Merchant 2007-2011 Reporting to the CEO and Chairwoman with full P&L responsibility for the $950M business. Total staff of over 500 overseeing merchant, merchandising, performance, planning, forecasting, procurement management teams.
• Drove stock from $5 to $15 by leading Indigo from a standalone book retailer to a world leading omni-channel, digital and diversified merchandising mix retailer with over 30% of its mix in general merchandise
• Led company to 7 years of consecutive corporate comparative all growth
• +75% increase in profitability at the company from post-merger $42M to $74 EBITDA in 2011
• Delivered world leading profitability of 8% EBITDA
• Created the Indigo 2.0 initiative that drove the company to 30% of its mix as general merchandise
• Executive sponsor of the launch of the Indigo Kids renovation, launching toys from 0 to $50M and 50 stores
• Doubled lifestyle business to $120M through investing in fixtures, visual, and buying strategy and re-inventing categories around book shopping experiences
• Oversaw creation of Indigo’s own brand to 15% of the mix driving profitability online and in store CONCURRENT
Indigo Books & Music, EVP E-commerce 2007-2011
Reporting to the CEO and Chairwoman with full P&L responsibility for the $160M online business. Total staff of 40 overseeing performance advertising team, online merchants and customer service.
• Profit & loss owner of $160M+ online business which saw continual revenue and profit growth
• Drove site re-build which turned business around – launched toys and lifestyle online
• Supported birth of KOBO, Indigo’s eBook business, by leveraging key publisher relationships
• Served on KOBO board of directors ultimately sold to Rakuten for > $300M.
• Drove opening of dedicated online warehouse facility to improve online fulfillment metrics
• Managed omni-channel P&L i.e. pick up in store, order online to drive integrated revenue VP Books, Toronto, Canada 2004-2007
Reporting to the CEO and Chairwoman with full P&L responsibility for the $550M business. Total staff of 50 overseeing performance and analytics team, planning and forecasting and procurement team for books. Profit & loss owner of $550M core books business. Indigo had just acquired via LBO its 20x larger competitor.
• Focus for two years was on turning company from losing money to profitability which was accomplished
• Partnered with supply chain and IT to implement large retail successful SAP that drove the business to profit SALESDRIVER, Founder & CEO, Boston, Toronto – Sold to Carlson Marketing 1998-2003 SalesDriver is a provider of on-line business-to-business sales incentive programs. SalesDriver has deployed thousands of programs via its 500+ customers. Company was sold in December 2001 to the Carlson Marketing Group. Founder/CEO role entailed leading company through first round of venture capital, hiring senior management team, and acquiring first 30 customers.
• Grew business from 0 to US$10 million in revenue. Company achieved run rate of $20M.
• Raised over $10M of venture capital from VenGrowth (Toronto) and Summit Partners
• Hired VP Sales, Controller, CEO, VP Bus Dev and built out 2 office locations for staff of 50
• Sold first 30 customers include Oracle and Bayer Pharmaceuticals
• Salesdriver’s investors supported the turnaround project “opencola”, which was sold to Open Text (2003) 3
PROCTER & GAMBLE, Brand Manager, Toronto, Canada 1992-1997 Profit responsibility for $100 million soap category for Ivory and Zest. Led team to develop $10M marketing plan.
• Delivered 10% volume growth on Ivory a 6-month period through improved merchandising
• Proposed new Ivory brand vision including target market diagnosis and marketing strategy
• Started with P&G as a co-op student – completed 3 work terms in finance and brand management. (1092-1994) Education
1997-1999 HARVARD UNIVERSITY
GRADUATE SCHOOL OF BUSINESS ADMINISTRATION, BOSTON, MA Master in Business Administration Degree, June 199*-****-**** WILFRID LAURIER UNIVERSITY, WATERLOO, CANADA Honors Bachelor of Business Administration Degree, graduated with distinction, June 1994 Board experience
2017-2018 DAVIDS TEA (NASDAQ)
2014-2017 INDIGO BOOKS & MUSIC (TSX)
2017-2019 POPPIN.COM (New York, NY)
2011-2019 iSTORE INC (Montreal, Canada)
Not for profit
2011 – 2017 Schwartz Reisman Foundation Board of Directors, Toronto, Canada 2012 – 2016 North York Hospital Foundation Board, Toronto, Canada Personal
Biking, hiking and fitness fan.
Member, Young Presidents Organization. Forum member and mentor, HBS Alumni Forum Canadian citizen, U.S. TN-1 work permit