Bubs Australia has named Reg Weine as its new CEO, effective immediately, following the interim tenure of Richard Paine who took on the role after founder Kristy Carr’s departure in May. Weine brings over 25 years of experience in the FMCG and agri-food sectors, with a strong background in international markets and trade.
Weine’s previous roles include managing director at Australian canned food business SPC Ardmona, CEO of Bulla Dairy Foods, and sales and international director at Blackmores, a health supplements company.
“With his extensive expertise in commercial, FMCG, dairy, and international markets, he is the ideal leader to drive Bubs’ strategy forward in Australia, USA, China, and international markets,” stated Bubs Australia chair Katrina Rathie.
Weine expressed his confidence in the company, stating, “Bubs is a brand and a company with tremendous potential. I am fully aware of the challenges we face in the short to medium term. As the architect of the recent strategic review of the business, I will be implementing a five-point plan to reverse the decline in shareholder value and restore Bubs to its former success.”
In the recent strategic review, Weine highlighted that Bubs Australia had incurred accumulated losses of A$240m ($160.4m) since its IPO in January 2017.
Despite its efforts to rectify its “failed” strategy in the Chinese market, Bubs Australia’s sales in China have continued to decline, as seen in the company’s latest results.
Overall, Bubs Australia’s appointment of Reg Weine as CEO marks a significant step for the company. With his vast experience and expertise, Weine is well-positioned to lead the company’s growth strategy in various markets. However, challenges lie ahead, as Bubs Australia aims to recover from accumulated losses and revive its presence in the Chinese market.