Newstead ousted from Redbubble
Barry Newstead (pictured) has left Redbubble, the online marketplace for art and design, just 18 months after being named CEO.
In a statement to the ASX, the board said it had undertaken a review of the company’s strategy and operations and determined a change in leadership was necessary.
Newstead has been with Redbubble since 2013, and was COO prior to being appointed CEO.
He confirmed his ouster on Twitter, saying, “Rain is good for the garden. Not so good for day one of ‘gardening leave’.” He thanked well-wishers and those who had reached out to him.
Founder and former CEO Martin Hosking will lead the company while it conducts a global search for a new long-term CEO.
The announcement comes ahead of the release Redbubble’s half-year results next week, which are expected to be in line with expectations.
Domino’s Europe replaces retiring CEO
Domino’s Pizza’s CEO of European operations, Andrew Rennie (pictured), is retiring effective June 28. He will be replaced by the current European COO, Andre ten Wolde.
Ten Wolde has been with Domino’s for 15 years; the two executives will work closely together during the transition period.
Rennie said that he felt the time was right for him to return to Australia, as he was satisfied that the European management team now in place would continue to succeed, innovate and move the business forward.
He said that he intended to keep his large shareholding in the Domino’s, “to continue to benefit from the future success of this business”.
On the New York Stock Exchange, Domino’s shares rose 25 per cent last Thursday after it reported fourth-quarter earnings and sales that beat expectations. Sales at US stores open at least a year in jumped 3.4 per cent for the quarter and net sales rose 6.3 per cent to US$1.15 billion.
Domino’s also appointed Doreen Huber as a non-executive director of the company, increasing the number of non-executive directors from five to six.
Huber was the founder and CEO of Lemoncat, the largest online catering platform in Germany, which was sold last year.
Wexner steps down from Victoria’s Secret
Les Wexner (pictured), the controversial founder of L Brands, the owner of Victoria’s Secret, is to step down from leading the company he started in 1963.
Following the sale of a 55 per cent stake of the lingerie group to private-equity group Sycamore Partners for about US$525 million ($790 million), Wexner will step down as chairman and CEO to become chairman emeritus and a member of the board of directors. Victoria’s Secret will become a private company.
Wexner has been grappling with questions over his ties to the late financier Jeffrey Epstein, who was indicted in the US on sex-trafficking charges and died in jail last year.
The selling price for Victoria’s Secret values it at US $1.1 billion and signifies a marked decline for a brand, which generates $7 billion in annual sales. A full sale had been tipped to achieve around US$3.5 billion.
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