Ecoya only weeks away from new CEO
NZX-listed scented candle-maker and skin care company Ecoya is looking for a chief executive.
Ecoya chairman Geoff Ross told shareholders at the company's annual meeting in Auckland this afternoon an appointment would be made in a couple of weeks.
The search process is being led by Ecoya director and Air New Zealand outgoing chief executive Rob Fyfe and is well advanced, Mr Ross says.
Candidates are being considered from inside and outside the company for the position, which will be based in Auckland.
Mr Ross, the entrepreneur best known for Vodka brand 42 Below – sold to Bicardi for $138 million – will become non-executive chairman and will retain his marketing role.
Earnings guidance was also given for the year ahead.
Ecoya is expected to make a net loss of $800,000 for the six months to September 30, on revenue of $12.1 million – up 16% on the same time last year.
"The board estimates the second six months' result will record positive earnings before interest, depreciation and tax, meaning at this operating level the business will be above breakeven for the full year," Mr Ross says.
Full-year revenue is forecast to be $26.6 million for the year to March 2013, up 18% from $22.6 million for the same period last year.
Ecoya is now in the clear with the Commerce Commission after an anonymous complaint was made about its "all natural" product claims.
Mr Ross told NBR ONLINE the complaint and investigation was an "unecessary distraction".
He told shareholders today he suspected the complainant had remained anonymous because they were a competitor.