By Chris Nicholls
SYDNEY: Housewares International (HWI) chief executive officer, Paul Hill, has announced his resignation, citing family reasons.
The announcement, via the Australian Securities Exchange website, stated Hill had resigned due to his family being based in Melbourne, while HWI’s head offices were in Sydney.
Housewares International chief financial officer, Mervyn Cohen, will take over as acting chief executive, while executive hiring company Spencer Stuart has been commissioned to conduct an international search for a new chief executive.
Hill leaves HWI after just over a year and a quarter at the helm, starting at HWI in February last year. Prior to his role at HWI, Hill worked as Salton chief executive.
Questioned on Hill’s departure, HWI company secretary, Shiraz Khan, said the Hill’s decision came after over a year of regular commuting from Melbourne.
“He was based in Melbourne, and his family’s based over there. And [with] young children, he’s made the decision not to carry on and live out of a suitcase,” he said.
While share price and trading volume have remained steady in wake of the announcement, HWI’s share price fell 22.64 per cent between 6-11 June, from $1.23 to $1.05.
Comment was being sought from Hill prior to publication.