Blackmores chief to step down
Written on the 26 February 2019 by Matt Ogg
The head of vitamin and supplements company Blackmores (ASX: BKL) will be stepping down after just 18 months in the role.
The resignation of chief executive officer Richard Henfrey (pictured) was announced this morning, a week after the group forecast short-term impacts on profit growth due to softened conditions in China and the cost of investments.
While Blackmores achieved record sales in the first half, profit growth was flat and China segment sales were down 11 per cent. Shares have fallen by more than 28 per cent since then.
Henfrey will remain in the position while the board searches for his replacement. The departing leader has been with the group since 2009 and acted in several key executive roles before he was appointed CEO on 17 August 2017.
"I would like to thank Richard for his service and leadership of the Group over the last 18 months and for his strong commitment to Blackmores, the industry and our stakeholders over his decade long tenure," says chairman Brent Wallace.
"He has played a pivotal role in the growth of Blackmores and in the industry of complementary medicine overall.
"I am confident Richard will lead the transition period well, backed by our strong executive management team."Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Author: Matt Ogg