Lovisa’s chairman and CFO resign

Lovisa-oJewellery retailer, Lovisa, has announced the resignations of chairman Paul Cave and CFO Iain Sadler in a trading update to its shareholders.

Cave will step down as chairman and return to an independent non-executive role after serving as interim chairman following the sudden death of David Carter in early 2015. Michael Kay has been appointed as chairman and will also chair the remuneration and nomination committee for the company.

“There is a demonstrated retail track record at both executive and board levels and I am excited to have the opportunity to participate and contribute at a time when the company has set itself on a path of profitable growth in Australia and in its expanding international businesses,” said Kay.

Iain Sadler has also resigned as chief financial officer and company secretary, with Graeme Fallet assuming both roles. Fallet was most recently the CFO of Australian Pharmaceutical industries, owner of the Priceline network of stores.

The retailer’s third quarter results showed sales growth of three per cent compared with the prior corresponding period.

EBIT guidance for FY2016 of $23.5 -$25.5 million was reaffirmed with the company expecting to have 252 stores at the end of the financial year.

“I firmly believe Lovisa has a compelling customer value proposition, great people and scope for significant growth,” said Cave. “Investing in growth, we are delighted to have someone with Michael’s skills and experience join the board. With Michael’s appointment as chairman, the board remains confident that Lovisa will continue to deliver on its growth plans.”

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