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Bubs Australia ousts founder and CEO Kristy Carr

Bubs Australia has announced the termination of employment of its CEO Kristy Carr with immediate effect for failing to comply with “reasonable board directions”. Carr founded the publically-listed business back in 2015. Bubs also announced that Dennis Lin, who stepped down from the role of executive chairman last month, has had his employment terminated from the company. He had been working with the board during the transition period. Also last month, Bubs revealed that Katrina Rathie has been elected chair, replacing Lin. Meanwhile, Reg Wiene has been appointed as an independent non-executive director. 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. Speaking of the CEO's termination, Rathie said: “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”. Bubs COO Richard Paine will continue to act as interim CEO until a permanent replacement has been found. A statement approved by the Bubs board said: “The board thanks Richard Paine for his continued strong performance as Bubs’ interim CEO. 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, USA, China and international markets." “The board is fortunate to have strong capability and skills to help assist in the strategic review and we will update the market on the outcomes of the strategic review and the future leadership of Bubs in due course.” In April, the infant formula and baby food business announced that its gross revenue in Q3 fell by 10%. According to Bubs, its strategic review is expected to be completed by 30 June.

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