Blackmores Limited (ASX: BKL) has announced a new Chief Executive Officer, sending the share price over 2% higher this morning.
Blackmores describes itself as Australia’s leading natural health company. Maurice Blackmore founded the company in the 1930s. Blackmores has a number of different brands, not just the well-recognised Blackmores brand. It operates BioCeuticals, the Blackmores Institute, Fusion Health & Oriental Botanicals, Impromy, IsoWhey and Pure Animal Wellbeing (PAW).
Blackmores has announced that Mr Alastair Symington will join the company as the new CEO, effective 1st October 2019.
Mr Symington is described as a “brand builder” and is currently the Senior Vice President of Consumer Beauty in the Asia, Latin America, Middle East, Africa and Australia (ALMEA) region for Coty, a manufacturer and retailer of consumer products.
He has previously worked at Nestle (SWX: NESN), Gillette, and Procter & Gamble Co (NYSE: PG).
Mr Symington has a track record of achieving “significant sales growth throughout the Asia region” which Blackmores Chairman Brent Wallace said will benefit the company.
“Product innovation and education is a key priority for Blackmores in China,” he said.
“Alastair’s deep understanding of China and proven track record in product innovation will enable us to continue growing in this important market.”
China is a very important market for Blackmores, as is the rest of Asia. In fact, the Asian region seems to be Blackmores’ biggest growth opportunity right now.
In the third quarter of FY19, the company’s revenue fell 4% compared to third quarter FY18 due to a 26% decline in the Australia and New Zealand segment.
Over the same period, growth in China was 19%, while throughout the rest of Asia it was 32%.
Bringing in someone with extensive experience in the Asian region could bring significant benefits to Blackmores and shareholders have recognised that, pushing the share price higher.
With the share price down 28% over the first half of the year, hopefully this will start to turn things around.
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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).
Disclosure: At the time of writing, Max does not own shares in any of the companies mentioned.
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