LISTED complementary medicines company Blackmores has announced the resignation of its Chief Executive Officer and Managing Director Richard Henfrey (pictured) after only 18 months in the top role (PD breaking news yesterday).
Reasons behind the move are sketchy but The Australian Business Review claims its former chair said he resigned when the board decided on significant philosophical changes to the company.
Son of the company founder and largest shareholder Marcus Blackmore said he told the board it was in Henfrey's interest if he didn't feel he was the person "to take us through the next transformation of the business then he should think about resigning, which he has done".
Henfrey joined Blackmores in Apr 2009 and performed a number of key executive roles before being appointed CEO on 17 Aug 2017.
The company has confirmed Henfrey will remain in his current positions while the Board undertakes the search for its new CEO.
Chairman Brent Wallace said, "I would like to thank Richard for his service and leadership of the Group over the last 18 months and for his strong commitment to Blackmores, the industry and our stakeholders over his decade long tenure.
"He has played a pivotal role in the growth of Blackmores and in the industry of complementary medicine overall," Wallace added.
Shares in Blackmores slumped 3.9% yesterday to close at $91.47.
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