Comvita, a prominent New Zealand-based Manuka honey producer, has announced the resignation of its CFO, Nigel Greenwood. This decision comes amidst ongoing financial challenges for the company.
Greenwood will officially step down from his role and the company on 31 December 2025, as stated in a stock exchange filing released 23 June.
Joining Comvita in 2020, Greenwood has been recognized as a “pivotal member of the executive team.” He has played a key role in managing the group’s financial strategy, investor relations, and corporate services.
During the remainder of his term, Greenwood will continue to support the company throughout its FY25 audit, focusing on enhancing critical financial functions, particularly in the “important” markets of Southeast Asia and China.
While the reason for Greenwood’s departure has not been disclosed, CEO Karl Gradon—recently appointed earlier this month—will spearhead the search for a permanent replacement.
Chairperson Bridget Coates expressed gratitude on behalf of the Board, stating: “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 his team leadership skills, has been invaluable to Comvita.”
Coates added, “We appreciate his commitment to assisting Comvita through this leadership transition. We wish him all the best for the future.”
Greenwood’s resignation follows the company’s announcement of a “material” impairment charge for the 2025 financial year, which concludes this month.
In a trading update issued on 16 June, Comvita noted 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, they anticipate a net loss before tax ranging from NZ$20m ($12.1m) to NZ$24m.
Last week, Comvita indicated that it “continues to operate in a challenging global environment, with ongoing market volatility impacting both revenue and margin realization.”
They expect revenue to “decrease slightly” from the NZ$204.3m recorded in 2024. Additionally, the gross margin is projected to decline due to “aggressive pricing and channel loading by competitors.”
Despite these ongoing challenges, Comvita aims for annualized cost savings between NZ$15m to NZ$20m, currently trending ahead of target. However, the company has also reduced its full-time headcount by 70 staff.
