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Bubs founder to replace outgoing CEO

Kristy CarrBubs Australia’s chief executive Nicholas Simms has announced that he is stepping down from his role at the infant formula company, with founder and managing director Kristy Carr to take his place.

Simms will remain at the company until his contract ends in October to ensure an orderly transition.

“The company is poised for rapid expansion and I am very excited to be taking on this challenge and leading our talented team into the next phase of Bubs’ journey. I’m grateful to Nick for his contribution to our strategy and growth at Bubs during his tenure as CEO,” Carr said in a statement.

Bubs’ Board of Directors and Simms agreed the transition is the right time after the company’s successful repositioning of the business from a private entitiy to ASX Top 500 All Ordinaries company.

Bubs Australia chairman, Dennis Lin, said the latest appointment shows the business had entered into its next phase of development after successfully achieving its growth platforms ahead of expectations.

“The objectives set when I came into Bubs have now been fulfilled. The company is in excellent shape and has a terrific future ahead of it,” said Simms.

“Kristy has been very much part of the leadership team responsible for the company’s success and performed an integral role in advancing recent developments in our China route-to-market strategy. The Board is confident Kristy is well qualified to take the business to the next level,” Lin said.

Bubs has domestically expanded in Australian stores such as Coles, Woolworths, Chemist Warehouse, Costco and Big W. It has been expanding aggressively into the Chinese infant formula market, after securing a deal with the e-commerce giant Alibaba in June to sell its products overseas. The agreement with the Chinese distributor Hipac in August also expanded Bubs network to additional 83,000 stores.

Bubs shares were one cent, or 1.5 per cent, higher at 68 cents at 1400 AEST.

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