Comvita, a Kiwi Manuka honey maker, is undergoing a “strategic reset” as CEO David Banfield steps down in favor of chairman Brett Hewlett. The transition, which includes the position of managing director, is set to take effect on 31st August. Banfield will continue to support Comvita as a strategic advisor.
The company also announced changes to its board, with Bridget Coates taking over as chairman from Brett Hewlett. The board will be reduced from eight members to six. According to Comvita, this decision comes as a result of the need for a longer-term commitment to implement strategic changes and drive growth.
After facing challenges in recent years, including profit warnings and a failed takeover bid, Comvita reported a loss after tax of NZ$16.8m ($9.8m) in the 2024 financial year. Incoming CEO Hewlett acknowledged the impact of the global economic slowdown on sales and profits, leading to a more cautious approach to investments.
Hewlett, who joined Comvita in 2005 and previously led a strategic review in 2019, will focus on cost reduction initiatives and driving bottom-line growth. Banfield expressed disappointment over the company’s weak performance but remains optimistic about future growth opportunities.
As Comvita navigates these changes, the company emphasizes the importance of organizational resilience and restoring shareholder value. Incoming chair Coates, who joined in 2021, will lead the audit and risk committee. Comvita looks towards a future of profitable growth as conditions improve in the food and beverage industry.
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