The CEO of the a2 Milk Company (ASX: A2M) has resigned as the company continues to grow and succeed overseas.
Managing director and CEO Jayne Hrdlicka has agreed to step down from her role and will be replaced on an interim basis by former CEO Geoffrey Babidge.
Over the last 18 months Hrdlicka has driven the company's international operations which show no signs of slowing down. But ironically it is that same global push that has misaligned with Hrdlicka's personal life and career vision.
She says the commitments required to be CEO of this global business would mean she is unable to take care of the health and wellness of herself and her family.
"The next 3-5 years will continue to require the CEO being present in our core markets of China and the US and that combined with running a New Zealand company based in Australia required more travel than I had anticipated when I joined the company," says Hrdlicka.
"The Board and I agreed that this next phase is going to be too difficult to manage alongside my other commitments whilst also managing the health and wellness priorities of my family and me."
The company is now conducting a global search for a new CEO, and has appointed the experienced Babidge into the role to oversee the company in the meantime.
"I am delighted to be able to contribute to The a2 Milk Company's continued success in any way I can," says Babidge.
"I recognise the positive changes that Jayne has brought to the business and will continue to pursue the strategies and plans developed by management and agreed by the Board."
Despite Hrdlicka's departure the company has reaffirmed its current growth strategy and outlook, including 1H20 revenue to be in the range of $780 million to $800 million.
In addition to Babidge's interim appointment China-based non-executive director Jesse Wu will assume an direct oversight role of the a2 China business to support the China management team.
Shares in A2M are down 5.09 per cent to $13.79 per share at 10.22am AEDT.
Business News Australia