“We acknowledge Kristy’s long service to Bubs and the role she has played in building the Bubs brand to the position it enjoys today,” said new chair Katrina Rathie,who was appointed to the role on April 11.
“Noting the recent deterioration in Bubs’ financial performance over the half year,the non-executive directors considered the time was right for a change in leadership and to change the governance framework of the company to ensure that it aligns with ASX Corporate Governance Principles and best practice,” the ASX statement said.
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Carr had been on personal leave ever since the board installed Rathie and removed Lin from the position he served for nearly six years. The company also terminated Lin’s employment on Tuesday.
Chief operating officer Richard Paine is acting as interim chief executive until a replacement for Carr is found.
Carr has been contacted for comment.
Investors didn’t seem to welcome the executive shake-up,sending Bubs Australia’s share price down 1.6 per cent in afternoon trading.