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European Wax Center CEO to step aside, turn over reins to second-in-command

At the midway point this year, over 900 chief executives have exited their posts across the country.

After guiding fast-growing European Wax Center to a milestone 1,000th store, CEO David Berg is stepping aside and turning over daily operations of the Plano-based company to his second-in-command.

David Willis becomes CEO of Plano-based European Wax Center on Sept. 30.
David Willis becomes CEO of Plano-based European Wax Center on Sept. 30.(kelly williams)

The planned succession means president and chief operating officer David Willis will replace Berg effective Sept. 30. Berg will move into a newly created role as executive chairman of the company’s board of directors.

Berg, 62, becomes the latest in a series of CEO turnovers in Dallas-Fort Worth that’s seen nearly two dozen top public company executives exit since mid-2022. That includes changes at corporate mainstays such as semiconductor maker Texas Instruments, oil and gas explorer Pioneer Natural Resources, dating app technology firm Match Group and engineering giant Jacobs.

At the mid-year point, 907 CEOs had left their posts nationally, the highest January to June total since consulting firm Challenger, Gray & Christmas Inc. began its tracking in 2002.

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Berg, a former CEO at global hotel firm Carlson Hospitality Group, joined European Wax Center in 2018 when it had about 700 centers. He’s credited with expanding its franchise network, doubling its bottom line and building a customer satisfaction culture.

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Founded in 2004, the company moved its headquarters from Florida to D-FW in 2019 and went public in 2021.

Last year, its network of 944 stores in 45 states generated nearly $900 million in sales. The company recently opened its 1,003rd location, with a long-term goal of 3,000 centers.

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European Wax Center CEO David Berg (center) celebrated with employees when the company began...
European Wax Center CEO David Berg (center) celebrated with employees when the company began trading on Nasdaq in 2021.(Vanja Savic)

“I am so proud of our accomplishments that have positioned us for continued growth,” Berg said in a statement. “David Willis has been my key partner in setting forth and executing our strategic roadmap. He is a world-class leader with extensive franchisee relationships and deep knowledge of our business model.”

In its most recent quarterly results, European Wax Center said it opened 25 new locations and reported double-digit growth in sales to $254 million for the three-month period.

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Willis, who has been with the company since 2016, helped shape the strategy for expanding the company’s footprint, said board chairman Andy Crawford in a statement. Willis, 52, was previously the company’s chief financial officer. Before that, he was an operating partner at Dallas-based private equity firm Riata Capital Group.

In a regulatory filing Wednesday, the company said Willis will be paid a $600,000 a year base salary, with a potential annual bonus matching that. He’ll also receive stock awards totaling $162,500.

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