Comvita shareholders have voted to retain Bridget Coates as chair of the Mānuka honey producer.
In a stock exchange filing, the New Zealand-listed company disclosed that 54.27% of ballots opposed the proposal to unseat Coates.
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Coates, who joined the board in 2021 and became chair in 2024, had confronted a no confidence vote brought by co-founder Alan Bougen, former chairman Neil Craig, and former director Robert Tait.
However, two other board members, Robert Major and Gregor Barclay, have been voted out.
The duo had been facing pressure from investors, including PHC Investments, which holds approximately 11.7% of Comvita.
Major has been an independent director since 2019, while Barclay was appointed in December 2025.
Their departures leave the six-person board with two independent members, meeting the minimum threshold under NZX listing rules.
Shareholders also approved the re-election of Michael Sang alongside the elections of Michael Chye, Peter Nathan, Julia Xu, and Kosit Suksingha.
Coates said: “On behalf of Comvita, I want to sincerely thank Bob and Greg for their commitment, expertise and contribution to the company, particularly through a period of significant change and more recently, the progress we have made in strengthening the business.
“We also welcome Kosit, whose extensive international experience and commercial expertise will be valuable as we continue to execute our strategy and drive Comvita’s future growth.”
Comvita’s proposed takeover by rival Florenz collapsed last year after failing to secure the necessary shareholder approval.
When the transaction was terminated in November, Coates highlighted “sustained sector pressures, softer market conditions and the demands of a complex turnaround weighing on performance”.
The company recorded a net profit of NZ$7.7m (US$4.3m) for the 12 months through June, rebounding from a NZ$104.8m loss a year earlier. Annual revenue rose by more than 10%, aided by North American sales more than doubling, which offset a decline of more than 4% in China. Operating expenses fell by over 10%.
A NZ$40.5m capital raise in May 2026, which brought in F&N as a shareholder, enabled Comvita to finalise a refinancing package with lenders while exploring expansion initiatives across Southeast Asia.
