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Sunday 23

September, 201811:20 AM



Bubs founder to replace outgoing CEO

Bubs founder to replace outgoing CEO

The chief executive of infant formula maker Bubs Australia has stepped down, with company founder Kristy Carr taking the reins.

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By AAP 04.09.2018 02:27 PM

The founder of Bubs Australia is returning as chief executive after the baby food maker's current head said he will step down next month.

Managing director Kristy Carr, who had fulfilled the CEO duties prior to Nicholas Simms' appointment in June 2017, will assume the role full time when Mr Simms finishes his contract with the infant formula firm in October.

In a statement on Tuesday, Mr Simms said he was leaving the business having met all his targets.

Under his leadership, Bubs became Australia's largest producer of goat dairy products when the company acquired Victoria's NuLac Foods in December.

The company raised $40 million in shares at 75 cents each in June with proceeds to support new developments in China.

Bubs has been expanding aggressively into the Chinese infant formula market, securing a deal to sell its products on the nations biggest e-commerce platform Alibaba in June.

An agreement with Chinese distributor Hipac in late-August gave it access to another 83,000 stores.

Bubs Australia chairman Dennis Lin thanked the out-going CEO for his leadership.

"The business has seen impressive positive momentum under his guidance, performing strongly in Australia and is well positioned to take advantage of huge opportunities for growth in China and beyond," he said.

Ms Carr, who will remain executive director on the company's board, says Bub is poised for further expansion.

"I am very excited to be taking on this challenge and leading our talented team into the next phase of Bubs' journey," she said.

Bubs shares were one cent, or 1.5 per cent, higher at 68 cents at 1400 AEST.

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