Bubs Australia has appointed non-executive director and board member, Reg Weine, as its new chief executive officer and managing director, effective immediately.
Weine steps in as the successor to interim CEO Richard Paine, who temporarily held the position after the founder of the infant formula and baby food business, Kristy Carr, was ousted back in May.
The new CEO brings more than 25 years in the FMCG and agri-food sectors, complemented by over 15 years of expertise in international markets and trade.
Weine’s prior roles include serving as the managing director of Australian canned-food enterprise, SPC Ardmona, as well as holding the position of CEO at Bulla Dairy Foods. Additionally, he contributed as the director of sales and international operations at Blackmores, a health supplements company.
Bubs Australia chair Katrina Rathie said in a filing: “With his strong commercial, FMCG, dairy and international markets expertise, he is the right leader to drive Bubs’ strategy forward in Australia, US, China and international markets”.
She continued: “Most importantly Reg has previously led growth companies and he is a measured, hard-working executive who is trusted by the board to act in the best interests of our company and our shareholders. I look forward to working with Reg and we are optimistic about Bubs Australia’s future under his leadership.”
Weine added: “Bubs is a brand and a company with significant potential, but I fully understand the challenges that face us in the short to medium term. As the architect of the recent strategic review of the business, I will be pursuing the five-point plan to arrest the decline in shareholder value and get Bubs back on its feet.”
Back in May, Bubs Australia announced the termination of employment of its CEO Kristy Carr for failing to comply with “reasonable board directions”.
The termination of employment of its founder was announced during a stock-exchange filing on 10 May, following the start of a strategic review two weeks ago. In the review, Bubs said it would place particular importance on “expenditure management and the Chinese market”. In October last year, Bubs Australia entered a binding agreement with Heilongjiang Ubeite Dairy Group to manufacture and distribute Bubs’ Chinese label goat milk infant formula in China.
In April, the business announced that its gross revenue in Q3 fell by 10%.
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