Dinnigan, three Ecoya directors resign after review
"Amazing. Directors reducing cost/size for the good of the company. Good on them."
Featured commentBUSINESSDESK: Ecoya, the scented candle and skin-care products maker, has announced the resignation of directors Collette Dinnigan, Craig Schweighoffer and Deeta Colvin after a decision to clip the size of the board as part of an internal review.
Ecoya's new six-member board, effective immediately, has two independents, Rob Fyfe and Rich Frank, and three executive directors, Geoff Ross, Grant Baker and Stephen Sinclair.
Sarah Gibbs is a non-executive director.
Mr Schweighoffer will stay on as a key senior executive focusing on Ecoya's product range, while Ms Dinnigan and Ms Colvin will remain available for future projects, the company said.
In May, the company made a maiden annual operating profit after sales jumped 58%.
Profit after interest costs but before tax and non-recurring accounting adjustments relating to the Trilogy earnout provisions was $204,000 in the year ended March 31 compared to a $3.6 million loss the previous year.
The shares rose 0.8% to $1.26 and have surged 34% this year.
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Comments and questions5
Amazing. Directors reducing cost/size for the good of the company. Good on them.
Does make you wonder how they got up to 9 directors in the first place though.
Gave it a good look for the float, which seemed to have worked. And they're smart enough to downsize when necessity dictates. There have been launches of similar products since so the field has become more competitive probably.
Not enough scent.. or perhap too much around the board room.
There's a bit more to this story than what is mentioned. Mr Fyfe seems to have been busy since someone high up told him his contract would not be renewed. As well as a directorship with Icebreaker room seems to have been made for him at the expense of other directors at Ecoya. The thing is is that he doesn't have any experience with consumer products as his background is BNZ, followed by Air NZ. His replacement at AirNZ would be a better fit, no?
I'm confused - isn't Craig the founder??? So if he's leaving is the ship sinking?