Kathmandu's Mark Todd resigns as chief operating officer, finance director
Mark Todd, who joined the company in 1998, was acting chief executive through most of the 2015 financial year.
Kathmandu [NZX: KMD], the outdoor clothing and equipment chain which is the subject of a hostile takeover from Briscoe Group [NZX: BGR], said chief operating officer and finance director Mark Todd resigned.
Todd, who joined the company in 1998, was acting chief executive through most of the 2015 financial year pending the arrival of new chief executive Xavier Simonet on June 29. Mr Todd will step down from the Kathmandu board at the end of this month and will be replaced as the company's senior finance executive by chief financial officer Reuben Casey, the Christchurch-based company said in a statement.
Kathmandu last week said earnings before interest and tax probably slumped to $33.7 million in 2015 in the face of discounting, narrower margins and a disappointing Christmas season, from $64.3 million last year, before recovering to $48.2 million in 2016. Kathmandu has rejected the takeover offer from homeware and sports goods retailer Briscoe, saying it under-valued the chain.
"I had contracted to stay with Kathmandu in my current role until July next year but now, with Xavier on board, I feel it is the right time to step aside entirely," Mr Todd said. "I'm very proud to have contributed to Kathmandu's growth. I'm very confident in the board and our new leadership team's ability to deliver our FY2016 forecast result."
Kathmandu chairman David Kirk said Mr Todd's role was pivotal in the successful listing of Kathmandu in 2009 and had been "hugely valuable" to the board over the past six years. He said Mr Todd had led the business through a good fourth quarter winter season trading result, despite an extended period of substantial management team change, in combination with a difficult trading environment.
The company's shares last traded at $1.74 and have declined 1% so far this year.
(BusinessDesk)
Tina Morrison
Mon, 10 Aug 2015
Mon, 10 Aug 2015
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Kathmandu's Mark Todd resigns as chief operating officer, finance director
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