Bubs Australia has terminated CEO and founder Kristy Carr for “failure to comply with reasonable board directions”, with immediate effect.
The company says due to the recent deterioration in Bubs’ financial performance over the half year, the non-executive directors felt a change in leadership is needed to better align the business.
“We acknowledge Kristy’s long service to Bubs and the role she has played in building the Bubs brand to the position it enjoys today,” said chair, Katrina Rathie.
Richard Paine will act as the interim CEO until a permanent CEO is appointed.
“In support of Richard and the Bubs executive team, the board will lean in to contribute its strong commercial, FMCG, dairy and international markets expertise to drive Bubs’ strategy forward in Australia, US, China and international markets,” Rathie said in a stock exchange filing.
Former executive chair, Dennis Lin – who was replaced by Rathie last month – has also been terminated with immediate effect.
A strategic review of its global businesses is currently underway and will be completed by the end of next month.
- Further reading: Bubs March quarter revenue drops 10 per cent on weak China sales
