Bremworth CEO Greg Smith Steps Down Amid Leadership Overhaul

Highlights:

• Greg Smith resigns as CEO of Bremworth Limited (NZX: BRW) following a boardroom reshuffle.​
• Craig Woolford was appointed as interim CEO during the company's strategic review.
• Leadership changes occur amid shareholder concerns over financial performance and strategic direction.​

Leadership Transition at Bremworth​

Bremworth Limited (NZX: BRW), a New Zealand-based wool carpet manufacturer, has announced the resignation of Chief Executive Officer Greg Smith. The decision, described as mutual, comes after nearly four years of Smith's leadership. Effective immediately, Craig Woolford will serve as interim CEO while the company conducts a comprehensive search for a permanent replacement.​

Smith's tenure was marked by significant strategic shifts, including the company's transition away from synthetic materials to focus exclusively on wool products. This move aimed to align Bremworth with sustainable practices and capitalize on the growing demand for natural fiber flooring solutions.​

Boardroom Changes and Strategic Review​

The leadership change follows a recent overhaul of Bremworth's board of directors. Shareholders expressed dissatisfaction with the company's financial performance, citing a net loss after tax of $8.1 million for the six months ending December 2024, despite a revenue increase to $42.1 million . In response, Rob Hewett was appointed as the new chair, replacing George Adams, as part of efforts to steer the company toward improved profitability.

Concurrently, Bremworth has initiated a strategic review to explore potential changes in ownership structure. The review aims to identify opportunities that could unlock shareholder value and position the company for long-term success .​

Looking Ahead​

At the time of writing, Bremworth is navigating a period of transformation, focusing on operational efficiency and market expansion. The company remains committed to its sustainability goals and is exploring avenues to enhance its product offerings and global footprint. Stakeholders await further developments as the strategic review progresses and the search for a new CEO continues.​

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