Bubs Australia has appointed Reg Weine as its new chief executive with immediate effect, having had an interim CEO since May.
Weine was previously a non-executive director and board member of the infant-formula maker and replaces interim CEO Richard Paine – who filled the role when founder and former chief executive Kristy Carr was axed in May.
The new boss has over 25 years in the FMCG and agri-food sectors along with over 15 years in international markets and trade.
Weine was previously managing director of Australian canned-food business SPC Ardmona, CEO of Bulla Dairy Foods and director of sales and international at Blackmores, a health supplements company.
“With his strong commercial, FMCG, dairy and international markets expertise, he is the right leader to drive Bubs’ strategy forward in Australia, USA, China, and international markets,” Bubs Australia chair Katrina Rathie said in a filing.
“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.”
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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.”
At the outcome of the recent strategic review, Weine outlined how Bubs Australia had delivered accumulated losses of A$240m ($160.4m) since the company’s IPO in January 2017.
In the group’s latest results, China sales slumped again amid the infant-formula maker’s efforts to fix its “failed” strategy in that Asian market.