Blackmores’ local boss has quit the supplement maker to become chief executive of natural beauty product manufacturer BWX.
David Fenlon will be global CEO and managing director of BWX from July 1, replacing Myles Anceschi, who has only been in permanent charge of BWX since September.
Blackmores’ managing director for Australia and New Zealand, Mr Fenlon had been with the company since January 2013 and managed the Blackmores, BioCeuticals and Global Therapeutics brands.
Blackmores’ full-year profit rose nearly threefold to $70 million during Mr Fenton’s time with the firm.
“David has been a fantastic leader in our business,” Blackmores said in a statement on Thursday.
“We congratulate him on his appointment and support his desire to take on a new challenge and return to Melbourne.”
Shares in BWX, which makes and distributes Sukin skincare and other natural products, slumped as much as 32.5 per cent after it announced a global restructure along with Mr Fenton’s appointment.
BWX chairman Ian Campbell said that the business “needs further discipline, process and rigour to build scale and take advantage of the significant opportunities ahead”.
“The board is keen to see the BWX strategy and the company’s key transformation initiatives implemented with greater urgency to ensure the business can continue to scale from a stable base,” Mr Campbell said.
BWX said it expects FY19 trading earnings before interest, tax, depreciation and amortisation to be in the range of $21 million to $23 million.
“Sukin trading will be impacted in Q4 as we cycle unprofitable promotions and unnecessary stock building,” it said.
BWX continues to anticipate growth in Australia with a product launch in Target stores scheduled for July.
Internationally, the business is focused on continued growth in the US, the UK, Europe, Asia, the Middle East and China through ecommerce.