Australia-based formula business Nuchev has appointed Nathan Cheong as its new CEO as part of its plans to execute the “next stage” of development.
Cheong, whose appointment will take effect on 12 May, has resigned from his role as an independent non-executive director at the health and nutrition company.
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He will succeed Mick Myers, who will move to the position of COO while continuing his responsibilities as CFO for financial and commercial leadership across the business.
The appointment comes less than a year after Nuchev appointed Myers as CEO.
Nuchev board chair Ben Dingle said: “The board sees this as a natural transition which will enable further momentum in executing our strategy.”
Before joining Nuchev’s board as an independent non-executive director in September, Cheong served as managing director at Australian health-products business Melrose Group.
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By GlobalDataHis career also includes time as CEO of Australian supplements business LifeSpace Group.
In addition to his executive roles, Cheong has been a non-executive director on the board of Complementary Medicines Australia.
In May, Nuchev expanded into complementary medicines with the A$7m ($4.45m) acquisition of BWellness, a distributor of European supplements and its own branded products.
Nuchev’s brand portfolio includes brands Oli6, Bio Practica, and Medicine Tree.
Oli6 is available in Australian pharmacy and grocery channels, as well as international markets including China through cross-border e-commerce (CBEC) and general trade retail channels.
For the first half of fiscal year 2025, the company reported a 65% year-on-year increase in revenue, reaching A$11.3m ($7.2m).
Nuchev attributed the surge in revenue to a “strong” performance in Australia and New Zealand and rising sales in China’s CBEC market, with a contribution from the acquisition of BWellness.
In the second quarter, group revenue was A$6.2m, up 99% year-on-year.
