Cavalier CFO Tan retires after 28 years
Mr Tan joined the Auckland-based company in 1984, the same year it listed on the New Zealand stock exchange.
BUSINESSDESK: Cavalier Corp, New Zealand's only listed carpet marker, says its long-serving chief financial officer and company secretary Victor Tan will retire after 28 years as a full-time employee.
Mr Tan joined the Auckland-based company in 1984, the same year it listed on the New Zealand stock exchange. He will remain in both roles until a replacement is found and the "appropriate transition of duties can take place", the board says.
The process to replace Mr Tan will get under way shortly but the board is in no rush because of his continued availability.
Cavalier last week turned to a full-year loss on costs to restructure its business in response to deteriorating trading conditions in New Zealand and Australia.
The loss was $1.6 million in the 12 months ended June 30 from a profit of $18.2 million a year earlier. Sales fell 5% to $217 million.
Shares in the company are up 0.6% to $1.76 today. The stock has shed about 9.3% this year and is rated "outperform" based on the consensus of three Reuters' analysts.
Hannah Lynch
Wed, 11 Jul 2018
Wed, 11 Jul 2018
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Cavalier CFO Tan retires after 28 years
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