Sydney clothing maker UnderCoverWear says its New Zealand chief executive has gone, and his job will now be done by the company's chief shareholder."The 'sudden departure' of chief executive Simon Pervan comes just over eight months after he was appo
Sydney clothing maker UnderCoverWear says its New Zealand chief executive has gone, and his job will now be done by the company's chief shareholder.
"The 'sudden departure' of chief executive Simon Pervan comes just over eight months after he was appointed to the role on April 1," industry magazine Ragtrader reported online today.
UnderCoverWear company secretary Nick Geddes revealed only that Mr Pervan -- reported to have been paid over $A200,000 a year -- had left to return to New Zealand and will be replaced by the company's principal shareholder, John Everett.
Before April, Mr Pervan spent several years as a sales manager and national marketing manager with UnderCoverWear, after six years with Nutrimetics, a leading business in the direct selling industry..
Mr Geddes also announced that UnderCoverWear plans shift its manufacturing offshore at the end of the year, in the wake of efforts to overhaul its operations following a number of years of financial losses.
In the company's annual report to shareholders in September, UnderCoverWear chairman Stuart Richardson said the company's restructuring of its management team - including the appointment of the New Zealander to helm the company - was among the changes anticipated to deliver improved financial results in coming quarters.
Mr Geddes said the company's financial results for the current half are expected to break even or show a small loss amounting to "less than $250,000" before impairment of intangibles in the six months to December 31.
