Comvita CFO Nigel Greenwood to resign
He will step down from his role, and the company, on 31 December 2025, the group said in a stock exchange filing released today (23 June).
Starting work at Comvita in 2020, Comvita described Greenwood as a 'pivotal member of the executive team', managing the group's financial strategy, investor relations, and corporate services.
For the rest of his term, Greenwood will keep supporting the company during its FY25 audit, Comvita said, and "is focused on strengthening key financial functions,' especially in the 'important' markets of Southeast Asia and China.
The honey maker did not disclose the reason for Greenwood's departure.
CEO Karl Gradon, who was appointed earlier this month, will lead the search for a permanent replacement.
Comvita chair, Bridget Coates, said: 'On behalf of the Board and the entire Comvita team, I extend our heartfelt thanks to Nigel for his significant contribution. His financial, commercial, primary sector and listed company experience; along with team leadership skills and dedication have been invaluable to Comvita.
'We appreciate his commitment to assisting Comvita, through the transition to the new leadership. We wish him all the best for the future.'
Greenwood's resignation follows the company's announcement last week of a 'material' impairment charge for the 2025 financial year, which ends this month.
In a trading update issued on 16 June, Comvita said it is 'assessing the level of a non-cash impairment of assets and provision against inventories, which are expected to be material'.
Excluding this impairment, a net loss before tax of NZ$20m ($12.1m) to NZ$24m is anticipated.
Last week, Comvita said it 'continues to operate in a challenging global environment, with ongoing market volatility impacting both revenue and margin realisation'.
Revenue is expected to 'decrease slightly' from the NZ$204.3m recorded in 2024.
The gross margin is also projected to decline due to 'aggressive pricing and channel loading by competitors'.
Despite these challenges, Comvita is targeting annualised cost savings of NZ$15m to NZ$20m, which are 'currently running ahead of target'.
However, the company has reduced its full-time headcount by 70 staff.
"Comvita CFO Nigel Greenwood to resign" was originally created and published by Just Food, a GlobalData owned brand.
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