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Highlights
- Race Strauss resigns from A2 Milk’s CFO position today.
- A2 Milk appoints David Muscat to replace him.
- Race will continue to support A2 Milk till FY22 to ensure a smooth transition.
The shares of A2 Milk Company Limited (ASX:A2M) were spotted trading 0.242% lower at AU$4.12 per share at 11:03 AM AEST on the ASX today (17 May). Approximately 734,000 shares of A2 Milk had changed hands by now.
The ASX-listed food and beverage company has informed that its Chief Financial Officer (CFO) has resigned and the company has hired a new candidate to fill up the position.
The share price of A2 Milk has fallen almost by 23% on the ASX over the past 12 months. On a year-to-date basis, A2 Milk’s share price has fallen over 26% till date.
Why are A2 Milk shares trading in red today?
The primary reason behind A2 Milk shares trading in red is the resignation of Race Strauss from the position of A2 Milk’s CFO. Although Race is supposed to step down today, yet he will continue to support A2 Milk throughout the financial year of 2022 and ensure a smooth transition to a new CFO of A2 Milk.
Race will be taking some time off from work for personal reasons before pursuing other interests.
As a result, Spencer Stuart conducted a search on behalf of A2 Milk’s board to find the appropriate candidate to replace Race. A2 Milk appointed David Muscat as the new CFO of the company.
Currently, David is working as the CFO of DIM Brands International. David began his career at Deloitte and gained experience and expertise in the apparel, consumer goods and retail sectors across international markets, including the Chinese market.
A2 Milk expects David to join the company in the CFO role in October 2022. However, his joining date is yet to be confirmed by the company.
Image source: © 1000words | Megapixl.com
Meanwhile, A2 Milk’s current Group Head of Finance- FP&A and Risk, Mark Sherwin, will take up the responsibilities of the CFO from today until David joins. Mark owns 17 years of experience in finance, tax, investor relations, FP&A, and risk management. He has been associated with A2 Milk since 2015. Prior to joining A2 Milk, David used to be a part of Deloitte, Shell plc and UGL Limited.
Read more: A2M, BUB, SM1: How did these dairy stocks fare on ASX today?
About A2 Milk:
Image Source © 2022 Kalkine Media ®
Management commentary:
The Managing Director and CEO of A2 Milk, David Bortolussi, identified Race as one of the key members of the Executive Leadership Team of A2 Milk. He played important roles in the company and has contributed majorly to sustaining the company through a global pandemic.
Bortolussi also added that he is happy to welcome David Muscat again to work with him at A2 Milk. Muscat is a highly experienced and reliable person when it comes to financing. He is also an excellent leader and can develop and execute strategies to take the company forward.
