Blackmores has ended a four-month search for a new chief executive and managing director by appointing former Nestle, Gillette and Procter & Gamble executive Alastair Symington.
The vitamin and supplement maker says Mr Symington, who is currently based in Dubai as a senior vice president of consumer beauty for cosmetics maker Coty, has more than 23 years of consumer goods experience in beauty, health, and grooming.
“He has a proven track record of achieving significant sales growth throughout the Asia region, particularly in China, with a strong focus on new product development and innovation,” Blackmores said in a statement on Tuesday.
Blackmores this year flagged softening Chinese demand and in April reported a 14.3 per cent fall in profit for the first nine months of the financial year.
Executive director Marcus Blackmore has been leading the company his father founded since April 1 following the resignation of Richard Henfrey in late February.
Mr Symington will start his new role on October 1, after which he will receive a sign-on payment of $300,000 and up to $1 million in Blackmores shares, the latter of which would vest after three years of employment.
He will be paid a basic salary of $1.3 million plus up to $1.56 million in short-term bonuses and additional long-term bonuses.
“I am incredibly excited to be joining Blackmores,” Mr Symington said.
“The company has an unrivalled history in natural health and I firmly believe the opportunities are significant.”
Blackmores shares were worth $90.01 before the start of trade on Tuesday, down 26 per cent this calendar year and nearly 60 per cent lower than 2016’s all-time high $220.90.