Comvita appoints new chief executive after troubled year

Friday, 13 December 2019

David Banfield will take the helm at Comvita in January 2020.

Comvita has appointed David Banfield as its new chief executive.

Banfield is the former chief executive of NZX-listed Methven Group, and is replacing Scott Coulter at the helm of the honey company.

Banfield will take the helm on January 20, 2020.

Comvita's share price jumped 1.79 per cent to $2.85 overnight.

* Comvita head to step down following industry downturn

Scott Coulter stood down as chief executive of Comvita at the end of September.

* Poor weather strikes honey harvest forcing Comvita to downgrade profit during sales talks**

Coulter stood down at the end of September, and executive director Brett Hewlett had assumed executive duties in the interim.

Coulter's resignation followed several years of poor returns because of adverse weather affecting honey production, and increased competition.

Hewlett said the company was happy to announce the appointment of Banfield after 'a rather spectacular loss'.

The honey producer announced a $27.7 million loss in August for the year ended June 30. It recorded revenue of $171m.

Staff from New Zealand's biggest manuka honey exporter donated more than 250 jars of honey to a foodbank.

'We weren't feeling to good about that,' Hewlett said.

The company undertook a strategic review, which resulted in a restructure of the business operations. The supply and distribution sides were separated and new focus was given to the Chinese and North American markets, he said.

The company also moved to stabilise the Australian and New Zealand markets.

The general managers of the respective markets will now report directly to the chief executive, Hewlett said.

Comvita has undergone a strategic review after posting a $27.7 million loss in August.

Banfield began his retail career at British supermarket Sainsbury's and later led the United Kingdom and Irish Brita businesses for 11 years, a statement to the NZX said.

He later became the global commercial director for Brita in Germany.

Banfield led Methven Group through 'significant change', improving the performance of its NZ, Australian, UK and China based distribution business and leading and an expansion into 15 global markets.

Banfield said he was excited and proud to join Comvita.

'From the earliest of my interactions, I recognised synergies with my experience in water and health, international distribution and putting a consumer-led proposition at the heart of the business.

Chairman Neil Craig said Banfield had a solid track record of delivering growth for premium global brands.

Craig will step down as chairman upon Banfield's commencement. He will remain as a director on the board until then to assist in the transition of the new executive team and board.

Hewlett will take over as chairman of the listed honey company on January 20.