Mark Schuessler, the MD and CEO of Australia-based confectioner Yowie Group, has resigned from his positions. Schuessler, who took on the role of CEO in 2018 following two years as chief operating officer, officially stepped down 24 July.
Yowie Group, in a stock-exchange filing, has stated that Schuessler “will be available to continue to assist the company in the coming months.”
Chair of the board Sean Taylor expressed appreciation for Schuessler’s years of service and commitment, particularly in guiding the company through the challenges brought by Covid. Taylor added, “We look forward to announcing the appointment of a replacement CEO in the near future.”
In April, Yowie Group reported a 10% decline in net sales over a nine-month period, reaching $10.6 million. While Q3 sales remained stagnant due to weakeness in core product demand, it was partially offset by New Zealand seasonal sales.
The company also acknowledged that consumers’ decisions to purchase non-essential food items had been influenced by inflation and unfavorable economic situations. Yowie Group highlighted prevailing economic uncertainty and inflationary pressures impacting consumer consumption, as well as retailers’ cautious promotional and inventory management practices.
Moreover, Yowie Group recorded an EBITDA loss of $482,000 compared to the previous year’s profit of $707,000. This performance was attributed to lower sales, increased costs in freight and storage, and expenses related to a trademark lawsuit.
Earlier this year, Yowie Group published its half-year financial report, revealing a significant 77% decrease in net loss after tax attributable to members, totaling $205,000.
