Yowie appoints new CEO
Mark Schuessler, former Global COO and head of Yowie North America, will assume the role of Global CEO. Alfonso will assist in an orderly handover to Schuessler.
The Board thanked the former CEO for his efforts.
“Much was achieved on Alfonso’s watch and he has laid the foundations for the continued growth and path to profitability for the Yowie business,” said Yowie in a company statement.
Schuessler joined Yowie in mid-2016, leading international market development and operations initially, then the whole North American business from August 2017. Prior to joining Yowie, he was president and COO of Doumak, a US manufacturer of marshmallows, and worked at Procter and Gamble and Campbell Soups. He has a Finance Degree from Georgetown University and an MBA from the University of Chicago.
Yowie has also announced its second quarter FY18 sales update, revised net sales growth guidance. The chocolate giant reported Q2 global net sales increased by 23% versus the prior corresponding period, but flat sales in the US and Canada. Net sales growth guidance for FY18 revised to 17%, from 55%.
Australia Q2 net sales reached US$1M and achieved plan. North America net sales for H1FY18 were US$8.2M, an 11.7% decline versus last year and below plan. Australia net sales for 1HFY18 were US$1.8M, beating plan by 15%. Gross margin remained strong for the quarter at 55%. Nielsen share remained steady for the quarter. Yowie said they continue to perform above required threshold levels in major customer. Given the sales performance for the first half of the current financial year, net sales growth guidance for the full FY18 financial year has now been revised to 17% versus FY17, from 55%.