Comvita CFO Nigel Greenwood is resigning amid financial challenges and facing market volatility

From Yahoo Finance: 2025-06-23 08:56:00

Comvita, a Manuka honey producer in New Zealand, announced the resignation of CFO Nigel Greenwood amid financial challenges. Greenwood, a pivotal member of the executive team since 2020, will step down on 31 December 2025. CEO Karl Gradon will lead the search for a replacement as the company faces a “material” impairment charge for the 2025 financial year.

Greenwood will continue to support Comvita during the FY25 audit, focusing on strengthening financial functions in key markets like Southeast Asia and China. The reason for his departure was not disclosed. The company, facing market volatility, expects a slight decrease in revenue from NZ$204.3m in 2024. Despite challenges, Comvita aims for annual cost savings of NZ$15m to NZ$20m, with full-time headcount reductions of 70 staff.

Comvita, under CEO Karl Gradon’s leadership, anticipates a net loss before tax of NZ$20m to NZ$24m, excluding the impairment charge. The company faces declining gross margins due to competitor pricing strategies. Despite this, cost-saving efforts are ahead of target. The Board and Comvita team express gratitude to Greenwood for his contributions and wish him the best in the future.

Read more: Comvita CFO Nigel Greenwood to resign