The board said it will now start a global search for a new CEO and in the meantime, former CEO Geoffrey Babidge has joined as interim CEO, commencing immediately.
Chairman David Hearn said, “The board wishes to thank Jayne for the important contribution she has made to the company and remains confident that the strategic course of the business, which was recently communicated at the annual meeting, will continue to deliver strong rewards to all shareholders in the future.
“The board recruited Jayne primarily for her ability and experience in developing and implementing strategy, recognizing that the company needed to develop a refined strategy for the business to meet the new challenges in the next phase of our development. The board fully endorses the strategy which Jayne and the senior leadership team have developed.”
Hrdlicka said the next three to five years will continue to require the CEO being present in the company’s core markets of China and the US.
“That, combined with running a New Zealand company based in Australia, required more travel than I had anticipated when I joined the company. The board and I agreed that this next phase is going to be too difficult to manage alongside my other commitments whilst also managing the health and wellness priorities of my family and me.
“My passion and commitment to this great company is unchanged and I will of course work closely with the board and new CEO as required to ensure a smooth transition.”
Chairman David Hearn said, “The board will work closely with Geoff Babidge to prosecute the current strategy whilst searching for the right fulltime candidate to take the company forward.”