The man filling in as chief executive of infant formula supplier Bellamy’s Australia has been tasked with the job of steering the company out of its current woes.
Andrew Cohen has been in the role since January 11, replacing long-term chief executive Laura McBain, who resigned after a torrid time for the company.
“Andrew has shown himself to be a highly focused and capable senior executive and we believe that he brings the right qualities and skills for the role of CEO of Bellamy’s,” chairman Rod Peters said in a statement.
Mr Cohen said he looked forward to working closely with senior management and the Bellamy’s board to restore shareholder value after a difficult period for the business.
Tasmania-based Bellamy’s endured a massive share price plunge in December and January after it flagged a significant drop in sales in the key China market and twice downgraded its full year earnings forecast.
Most of the company’s board resigned or were then dumped in a shareholder backlash in February, and Bellamy’s is also facing a class action from shareholders seeking to get back some of the losses from the massive share price fall.
Bellamy’s has also appointed John Ho, the founder and chief investment officer of Hong Kong-based investor Janchor Partners, which has a stake of 7.01 per cent in Bellamy’s, as a non-executive director.
Mr Ho is also the deputy chairman of the Hong Kong Exchange listing committee that oversees the listing rules and companies in Hong Kong.
“He has deep experience investing in both China and Australia, including in consumer and health sectors, and has been a director of publicly listed and private companies with strong governance experience,” Mr Peters said.
Further appointments to the Bellamy’s board will be made in due course, he said.
Shares in Bellamy’s were down one cent at $4.44 at 1450 AEST.