Methven taps Tersano executive David Banfield as CEO
Methven, the tapware maker, has named David Banfield, a manager at Canadian ozone cleaning products company Tersano and previously a long-time executive at a water filter manufacturer, as its new boss to replace Rick Fala.
Banfield's most recent job has been as UK-based chief operating officer for Tersano, whose products are based on turning tap water into "aqueous ozone" which is touted as a chemical-free cleaning product.
According to a Tersano-related Twitter account, Banfield had been with that firm since May though Methven's announcement makes no mention of the position, instead focussing on his almost 13-year career at Brita, the German water filter company where he was UK chief for 10 years before becoming global commercial director based in Germany.
"The Brita experience was most relevant," said chairman Phil Lough. "We were looking for somebody with international marketing capability and a track record and he had that at Brita."
Banfield will take up the new role in January 2014 and Fala plans to defer his retirement until December to help with the transition. Fala will stay on as a non-executive director.
Shares of Methven last traded at $1.47 and have gained 7.3 percent this year. Last week the company posted a 21 percent jump in first-half profit on a pickup in trading in New Zealand and the UK.
Profit rose to $2.8 million in the six months ended Sept. 30 from $2.3 million a year earlier, the Auckland-based company said last week. It didn't provide sales figures in its market update, which comes ahead of its official earnings release.
"We want the top line to grow particularly over the next few years," Lough said. Banfield was among about 200 potential candidates for the position, and was attracted to a company that had a strong balance sheet and good products.