Infant-formula and baby-food maker Bubs Australia has seen another high-level departure with the news that CFO Iris Ren has quit.

In a stock-exchange filing today (24 May), the New South Wales-based company, which is in the midst of a strategic review, said Ren tendered her resignation for “domestic reasons”. News of her departure comes just two weeks after founder and CEO Kristy Carr was axed with immediate effect for failing to comply with “reasonable board directions”.

Related Company Profiles

View all

At that time, Bubs also revealed that Dennis Lin, who stepped down from the role of executive chairman in April, had left the company. He had been working with the Bubs board for a transition period.

In its statement today about Ren’s decision to leave the business, interim CEO, Richard Paine, said: “We thank Iris for her service to the company and wish her well in her future endeavours.”

The company said it had appointed “highly experienced” CFO Robin Johnston as its new finance chief. He has previously worked for businesses including Forty Winks, Dindas and Metcash.

See Also:

“We are fortunate to have secured an interim CFO of Robin’s calibre who can work with Iris to ensure a smooth transition of the financial function and support our business growth,” Paine said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

When CEO Kristy Carr was dismissed after 18 years with the business earlier this month, Bubs said its non-executive directors had decided to make a leadership change and alter the “governance framework of the company to ensure that it aligns with ASX [Australian Securities Exchange] corporate governance principles and best practice”.

It said the board will “lean in to contribute its strong commercial, FMCG, dairy and international markets expertise to drive Bubs’ strategy forward in Australia, [the] USA, China and international markets”.

In April, Bubs announced it was undertaking a strategic review of the business. It is expected to finish by 30 June.

In February, Bubs reported a statutory EBITDA loss of A$42m ($27.7m at the time) for the six months to 31 December, compared to a A$1.2m profit a year earlier.

In April, it revealed its gross revenue in the third quarter of its financial year fell 10%.