Lisa Ronson, the former CMO of Coles, has joined the board of directors of skin and hair care products group BWX, whose brands include Sukin, Andalou, Mineral Fusion and Zoe Foster Blake’s Go-To.
Ronson's appointment was announced at the annual general meeting and the release of the company's profit results for the half year to December.
The group recorded a 18.4% drop in revenue to $79.7 million. The company recorded significant one-off costs related to restructuring as well as non-cash impairments leading to a loss after tax of $100.8 million.
BWX, whose major shareholder is billionaires Andrew and Nicola Forrest, imploded last year with directors departing after the company was late lodging its accounts and stopped trading on the ASX. The annual result came in at a $337 million loss.
Ian Campbell was replaced as chair in December by Steven Fisher, a former chair of the Breville group. Thinus Keeve is the new Group CEO.
Fisher: "Myself and the management team are fully focussed on returning this company to profitability."
The company is in the process of restructuring finances. This is expected to be done by the end of March.
The reasons for recent losses: "These include customer de-stocking in key channels, cash constraints leading to out-of-stock as well as the effect of promotional campaigns which continue in channels even where de-stocking occurred.
"Operating expenses were affected by higher external costs as a result of debt restructuring initiatives, restructuring charges and higher doubtful debt provisions due to processing delays with customer claims."
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