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Afrox seeks new MD as Kimber resigns

Afrox seeks new MD as Kimber resigns

Photo by Duane Daws

13th January 2015

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JSE-listed Afrox is seeking a new MD following the resignation, effective January 12, of Brett Kimber.

In an update to shareholders, Afrox said a recruitment process to find a replacement for Kimber, who had left to pursue other career opportunities, was under way.

Afrox chairperson Mike Huggon would step in until a successor was appointed.

This followed a move by Afrox at the end of November to implement cost reduction plans to improve its financial position following a decline in profit and earnings during the six months ended June 30.

At the time, Afrox explained that the prevailing depressed market conditions, which have led to volume erosion, were expected to continue in the medium term, forcing the group to significantly reduce its fixed cost base to ensure an “acceptable level of trading performance” in the future. The company aimed to streamline management, reduce overheads and embark on a review of its geographic footprint, distribution network and business and product portfolios.

An update of the process was expected this month.

Edited by Creamer Media Reporter

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