Bubs Australia has appointed board member and non-executive director Reg Weine to CEO and managing director, effective immediately. The announcement hopefully draws a line under the fracas and uncertainty of recent months following the ousting and termination of founder and CEO Kristy Carr and executive chair Dennis Lin.
Bubs chair Katrina Rathie said Weine’s appointment came at a critical stage of the company’s development.
“With his strong commercial, FMCG, dairy, and international markets expertise, he is the right leader to drive Bubs’ strategy forward in Australia, USA, China, and international markets,” Rathie said.
Weine brings 25 years of experience in fast moving consumer goods (FMCG) and agrifood sectors, with more than 15 years involved in international markets at trade. He was managing director of SPC Ardmona when it was owned by Coca-Cola Amatil, CEO of Bulla Dairy Foods, and director of Sales and International at Blackmores.
He is currently chair of Maggie Beer Holdings, Otway Pork, and Apple and Pear Australia (APAL).
“Most importantly, Reg has previously led growth companies and is a measured, hard-working executive who is trusted by the Board to act in the best interests of our company and shareholders. I look forward to working with Reg and we are optimistic about Bubs Australia’s future under his leadership,” Rathie said.
Weine joined the Bubs board in April, as Dennis Lin stood down from his executive role and Rathie replaced him as chair.
In May, Rathie and the board said it was time to ensure the company’s governance framework aligned with ASX Corporate Governance Principles.
What followed were some messy weeks including the CFO’s resignation, an extraordinary general meeting as a rival faction led by Carr and Lin put forward an alternative leadership team, financial legal action with previous China distribution partners, a $20 million plus non-cash impairment due to overstock, and a disappointing FY23 result.
In the midst of that, the new board completed a two-month strategic review and Weine led the development of a five-point plan to turn the company around.
Weine has acknowledged the importance of being appointed to lead a respected brand.
“Bubs is a brand and a company with significant potential, but I fully understand the challenges that face us in the short to medium term.
“As the architect of the recent strategic review of the business, I will be pursuing the five-point plan to arrest the decline in shareholder value and get Bubs back on its feet,” Weine said.
Rathie thanked the interim CEO, Richard Paine, for his leadership of the company. He will resume his role as chief operating officer.
