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 BMX from July 1, replacing Myles Anceschi, who has only been in permanent charge of BWX since September.
Currently Blackmores’ managing director for Australia and New Zealand, Fenlon has been with Blackmores since January 2013, managing Blackmores, BioCeuticals and Global Therapeutics.
During his time with the company he was part of the senior executive team that saw profit grow 180 per cent to $70 million in FY2018.
“David has been a fantastic leader in our business. We congratulate him on his appointment and support his desire to take on a new challenge and return to Melbourne,” Blackmores said in a statement on Thursday.
BMX, which stocks Sukin skincare and other natural products, announced a global restructure on Thursday along with 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,” Campbell said.
BMX 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.
Sukin Skin and Hair BMX continues to see growth in Australia with sales in Coles and Big W, with a Target rollout coming in July.
Internationally, the business is focused on continued growth in the US, the UK, Europe, Asia, the Middle East and China through ecommerce.
UPDATE: At 1246 AEST, BWX shares were still 20 per cent lower at $1.60.
Blackmores shares were 1.2 per cent lower at $88.44.