Bubs Australia recently made a significant change in its leadership, announcing the termination of CEO Kirsty Carr and former executive chairman Dennis Lin. This announcement came after the company initiated a strategic review two weeks ago, which will be finished by 30 June. In light of this change, Bubs elected Katrina Rathie as chair, with Reg Wiene as an independent non-executive director.
The termination of Carr’s employment was due to her failure to comply with “reasonable board directions,” which led to her immediate dismissal. However, the board acknowledges Carr’s role in building the Bubs brand to its current market position. The COO, Richard Paine, will act as interim CEO, with the board providing its experience and expertise in commercial, FMCG, dairy, and international markets to assist in driving Bubs’ strategies forward in Australia, the USA, China, and international markets.
With a focus on expenditure management and the Chinese market, the company entered a binding agreement with Heilongjiang Ubeite Dairy Group last year to produce and distribute Bubs’ Chinese label goat milk infant formula in China. This move was a part of the company’s strategy to expand its services to wider markets.
The company’s strategic review is expected to be completed by the end of June. Despite recording a 10% drop in gross revenue in Q3, the company is optimistic that its review will bear fruit in strengthening its position and operations.
Bubs Australia’s recent changes in leadership, need for expenditure management, and strategy to penetrate the Chinese market emphasize the importance of a reliable and efficient food packaging solution that can support these needs. As such, food packaging companies that can provide quality packaging solutions for Bubs and other similar companies can be of significant benefit to the market.