New boss for Cavalier Corporation
Cavalier Corporation's chief operating officer has been promoted to replace retiring chief executive Wayne Chung.
Cavalier Corporation’s chief operating officer has been appointed to replace retiring chief executive Wayne Chung.
Colin McKenzie takes over the top job when Mr Chung leaves on March 15. Mr Chung, who has over 40 years experience in the industry, will then become a non-executive director of the carpet manufacturer.
Mr McKenzie joined the Cavalier Bremworth broadloom carpet operation as general manager manufacturing in February 2003 before being appointed group general manager operations in 2005 and then chief operating officer in 2008.
In October last year, Cavalier said it was cutting staff numbers and shutting down its plants for a week as high wool prices and sluggish demand for carpet conspire against it.
First Union general secretary Robert Reid said then that Cavalier had made 22 workers plus some management redundancies at its Wiri, Napier and Whanganui mills. Also last October, 70% subsidiary Norman Ellison Carpets said it was making 20 workers redundant at its Onehunga yarn mill.
Cavalier posted a net profit of $18.2 million for the June 30 last year, up 60% on 2010. Adjusting for non-cash items the underlying profit of $17.3 million was up 4% on last year’s $16.6 million.
Shares in Cavalier [NZX:CAV] last traded at$2.55 on the stock exchange. They have climbed steady in recent weeks from a low of $1.90 just in late December.
NBR staff
Mon, 16 Jan 2012
Mon, 16 Jan 2012
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New boss for Cavalier Corporation
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