New Zealand-listed honey producer Comvita has announced changes to its CEO and some other leadership roles as part of a “strategic reset” of the business.
David Banfield will resign as CEO and MD and will assume a project-based role of strategic advisor to the board. Brett Hewlett will resign as director and chair of the board to assume the role of acting CEO, while Bridget Coates will replace Hewlett as chair.
Banfield joined Comvita as CEO in January 2020 and led a successful turnaround of the business. The company reported record revenue of NZ$234 million and EBITDA of $34 million in FY23. However, the company expects revenue of only $204.5 million in FY24, below its guidance range.
Given the requirement for a longer-term commitment to see through a strategic reset and then the journey back to growth, Banfield has decided to step down. In his new role, he will support the board on several projects on short to medium terms to further build revenue in key global markets.
Hewlett was CEO of Comvita from 2005 to 2015. He returned to the company in 2017 as an independent director and was appointed chair of the board in 2020. As acting CEO, Hewlett will focus on cost-reduction initiatives to drive bottom-line growth.
Coates joined Comvita in September 2021 as an independent director and has served as a member of both the audit & risk committee and the safety and performance committee. She is also chair of the company’s investment committee.
In addition to these changes, the number of board members will reduce from eight to six, with the majority being independent directors. The company is in the process of recruiting a new independent director.
Co-founder of Comvita Alan Bougenhas been invited by the board to act in an advisory capacity as a brand ambassador.
“Faced with an extremely poor FY24 financial result and the slower than anticipated recovery in global demand we are obliged to pause several longer-term investment strategies and take a more cautious approach to deploying capital and resources, whilst implementing a sharper focus on a number of immediate value opportunities,” said Hewlett.
The changes to the leadership roles will take effect at the end of this month.
Comvita opens multi-sensory, experiential store at Auckland Airport.
