Infant formula maker Bellamy’s has dumped CEO Laura McBain and replaced her with chief operating officer and chief strategy officer Andrew Cohen.
As the ABC reports, the company yesterday ended a 40-day trading halt and also announced a cut to its profit guidance for the next six months.
On December 2, following an announcement by Bellamy’s that new Chinese regulations were dramatically lowering sales in China, shares in the company fell by more than 40 per cent. Previously, booming demand in that country had seen its share price soar.
Cohen will take on the CEO role on a temporary basis while the Board undertakes a search for a permanent replacement.
“Laura has overseen the growth of the Company over the past decade since she joined Bellamy’s as General Manager in 2006, including the expansion of Bellamy’s markets and its brand. I would like to thank Laura for her contributions to Bellamy’s over the last 10 years,” Chairman, Rob Woolley said in a statement.