Bubs Australia CFO Iris Ren has resigned for domestic reasons, two weeks after founder and CEO Kristy Carr, and former chair Dennis Lin were sacked for failing to comply with directions from the board.
It’s been a tumultuous six weeks at the infant formula and foods manufacturer, starting with Lin resigning as chair and from his executive role in April. Barr took personal leave and took to LinkedIn to express her shock and fundamental faith in Lin as a “true leader”.
The new chair Katrina Rathie said, “with the rapid growth of the company in Australia and important markets including America, China, Vietnam, and elsewhere overseas, our governance structures must evolve from a business led by a founder/CEO and an executive chairman to having a deeply experienced board with a chair and several non-executive directors who can help guide and mentor management, oversee growth, exercise fiscal responsibility and help navigate financial and non-financial risks.”
Rathie said the board resolved in February to ensure it had a minimum of three independent non-executive directors consistent with ASX corporate governance principles and best practice.
Paul Jensen was appointed to the board in March as an independent non-executive director and chair of the audit and risk committee. Jenson has more than 20 years board experience in public and private companies across a range of fields including consumer goods, equity capital markets, banking, and philanthropy.
As the board announced Lin’s resignation, it also informed the market that Reg Weine, chair of Maggie Beer Holdings, Otway Pork, and Apple and Pear Australia Ltd, had joined the board, bringing the depth of experience that comes from 25 years in agrifood and FMCG including having been the MD of SPC Ardmona and Bulla Dairy Foods.
Then, on 10 May, the board announced Carr and Lin’s employment had been terminated for “failure to comply with reasonable board directions”. Media reports speculated the pair were contacting suppliers, investors, and employees despite being asked not to by company lawyers.
Which brings you up to date to today’s announcement regarding Ren. The company said she resigned for “domestic reasons”. She joined the company in 2018 and was CFO for just over five years.
Interim CEO Richard Paine thanked Ren for her service and said the business had appointed an interim CFO, Robin Johnston.
“We are fortunate to have secured an interim CFO of Robin's calibre who can work with Iris to ensure a smooth transition,” Paine said.
Johnston has more than 30 years’ experience in senior finance roles. His previous position was CFO for Forty Winks and prior to that CFO for building materials company Dindas, and 15 years in a range of leadership roles at Metcash.
