Comvita has announced the appointment of Karl Gradon, a former chief executive of a competing Manuka honey producer, as its new CEO. The New Zealand-based company has been without a permanent chief executive since David Banfield’s departure in August of the previous year.
During this interim period, Brett Hewlett, who previously held the role of CEO and served as chair, stepped in as acting chief executive. Comvita described this transition as occurring at a “critical juncture for the business.” Hewlett is set to conclude his role on July 31.
In its statement, Comvita emphasized Gradon’s “extensive experience in global leadership within the primary industry,” having previously held senior positions with Fonterra and Kerry Ingredients. Gradon spent over ten years at Fonterra until 2014, taking on roles in various international markets, including Brazil, the US, and Singapore. After a brief tenure with Kerry in Singapore, he served as CEO of New Zealand Mānuka Group from December 2015 until June 2018. Most recently, Gradon was the CEO of Miraka, a New Zealand dairy processor, until April of this year.
Comvita also acknowledged Hewlett’s contributions during his time in office. The company noted that Hewlett provided stability and guidance through a significant phase of transition. His leadership included implementing a “comprehensive cost reduction programme, organisational restructure, and strategic responses to a challenging trading environment.”
Earlier this year, when Comvita announced its half-year results, the company revealed job cuts as part of its restructuring efforts. It reported a net loss after tax of NZ$6.5 million ($3.7 million) for the first half ending December 31, compared to a NZ$2.5 million loss the previous year. Revenue for the period reached NZ$99.7 million, marking a 5.3% decrease.
In light of these developments, it is crucial for those in the food and beverage industry to stay informed about emerging trends and shifts in the market. For those in the food and drink business, understanding consumer trends can be pivotal in navigating such changes successfully.