Reg Weine has been appointed as the new CEO and MD of speciality infant formula manufacturer Bubs Australia, with immediate effect.
Weine was beforehand a non-executive director and board member from the newborn child recipe producer and replaces interim CEO Richard Paine – who filled the job when pioneering and previous CEO Kristy Carr in May.
The new CEO has more than 25 years in the FMCG and agri-food areas, alongside North in 15 years in worldwide business sectors and exchange.
Weine has held positions as CEO of Bulla Dairy Foods, director of sales and international at Blackmore, and managing director of the Australian canned food company SPC Ardmona.
“With his strong commercial, FMCG, dairy and international markets expertise, he is the right leader to drive Bubs’ strategy forward in Australia, USA, China, and international markets,” Bubs Australia chair Katrina Rathie said.
“Bubs is a brand and a company with significant potential, but I fully understand the challenges that face us in the short to medium term.
Most importantly, Reg has previously led growth companies, and he is a measured, hard-working executive who is trusted by the board to act in the best interests of our company and our shareholders. I look forward to working with Reg, and we are optimistic about Bubs Australia’s future under his leadership,” Rathie added.
As the result of the new essential audit, Weine illustrated how Buddies Australia had conveyed aggregated misfortunes of A$240m ($160.4m) since the organisation’s initial public offering in January 2017.
“As the architect of the recent strategic review of the business, I will be pursuing the five-point plan to arrest the decline in shareholder value and get Bubs back on its feet,” said Weine.