DavidsTea co-founder, namesake, resigns from post as brand ambassador

David's Tea co-founder David Segal is pictured at a DavidsTea outlet in Toronto on Feb. 9, 2016. (Chris Young / The Canadian Press)

MONTREAL -- David Segal, a co-founder DavidsTea, has resigned as brand ambassador for the Montreal-based company.

In a filing with the U.S. Securities and Exchange Commission, the company says Segal left last Friday to "dedicate more of his time to exploring other entrepreneurial interests."

A company spokesman could not be reach for elaboration.

Segal, 35, remains the third-largest shareholder with nearly 10 per cent of the outstanding shares.

He co-founded the company (Nasdaq:DTEA) eight years ago with his cousin, Herschel Segal, also the founder of Le Chateau.

DavidsTea opened its first bricks-and-mortar outlet in 2008 in Toronto and now boasts 156 stores in Canada and another 37 in the U.S., selling various blends of tea, along with tea accessories and other products.

In its last fiscal year, DavidsTea opened 39 stores and is planning to open the same number again this year.

After going public last June, its shares soared to nearly US$30, but have since fizzled, and now trade below $12.