INDEPENDENT NEWS

A2 CEO Geoff Babidge to leave in 2018

Published: Thu 14 Dec 2017 12:30 PM
A2 CEO Geoff Babidge to leave in 2018, replaced by Jetstar's Jayne Hrdlicka
By Sophie Boot
Dec. 14 (BusinessDesk) - A2 Milk Co managing director Geoff Babidge will retire next year, and will be replaced by Jetstar chief Jayne Hrdlicka.
Babidge has been in the role since 2010, and in the past two years has seen the share price jump from around $1 at the end of 2015 to a recent record of $8.75. The shares have soared on the back of successive strong sales, with the company's infant formula attracting strong demand in China, and have gained recently on scientific evidence about the nutritional value of its milk, which comes from cows selected to produce only A2 beta-casein, unlike most dairy products, which contain both A1 and A2 proteins.
"Geoff’s retirement is part of a carefully planned transition programme which the board has put in place together with Geoff to create an orderly and successful handover which is designed to ensure that the current momentum of the business continues," a2 said in a statement. "Jayne is an outstanding senior executive with particular strengths highly relevant to a2MC’s next growth phase. These include her extensive experience in strategy formulation and execution, insight into customer-centricity and innovation and importantly an understanding of operating in a disruptive environment."
During 2017, a2's senior team has been reorganised "to further support the ongoing development of its significant businesses in Asia Pacific", with Peter Nathan appointed chief executive Asia Pacific, the company said.
Hrdlicka will begin around the start of the 2019 financial year and Babidge has agreed to be available until December 2018 to assist the transition. She was chief executive of Jetstar Group for the last five years, and a non-executive director of Woolworths.
"Jayne will be focused on continuing to build both the high performance of the business and the culture of the a2MC senior leadership team to support the company’s growth strategy across a broader nutritional products platform in both its established and new markets," chair David Hearn said.
"The company has achieved unprecedented growth during this time due primarily to his leadership in developing and executing a bold strategic vision and in skilfully managing the phases of growth achieved to date. We are therefore particularly pleased that Geoff has agreed to remain available to the company until the end of next year as an adviser to Jayne and the board as required to ensure a smooth handover and transition."
A2's shares last traded at $7.77, up 265 percent this year.
(BusinessDesk)
ends
BusinessDesk
Independent, Trustworthy New Zealand Business News
The Wellington-based BusinessDesk team provides a daily news feed for a serious business audience.
Contact BusinessDesk
Email:

Next in Business, Science, and Tech

Further Easing In Monetary Policy Delivered
By: Reserve Bank
Post-lockdown Retail Card Spending Picks Up
By: Statistics New Zealand
Contact delivers for customers, employees and shareholders
By: Contact Energy
OceanaGold Announces Receipt Of WKP Mining Permit
By: OceanaGold
COVID-19 lockdown has widespread effects on labour market
By: Statistics New Zealand
New Research By NZ Post Shows Online Shopping Grew 105% In Alert Level 3
By: New Zealand Post
Ice-olation For Antarctica New Zealand
By: Antarctica New Zealand
July House Price Index illustrates market resilience
By: QV Valuations
Queenstown Rents Experience Biggest Drop In Seven Years
By: Trade Me Property
The Quiet Earth
By: Auckland University
James Shaw says Kiwibank, not ministers should decide on investors
By: RNZ
Kiwis Confident Financial Markets Will Recover From COVID-19, Plan To Increase Investments
By: Financial Markets Authority
Warehouse Using Covid For Cover As Extensive Restructure Makes Everyone Worse Off
By: FIRST Union
Stronger Green Voice Needed Next Term To Stop More Mining On Or Under Conservation Land
By: Green Party
Unemployment Figures Don’t Tell The Full Story
By: New Zealand National Party
View as: DESKTOP | MOBILE © Scoop Media