CEO of the Breville Group Jack Lord has resigned from his role with the company, effective today, to be replaced by long-standing chief financial officer, Mervyn Cohen as interim CEO.
Cohen, who also served as interim CEO for three months in 2008, will carry out the responsibilities of both roles while the company undertakes a global search for a new CEO.
On behalf of the Breville board, chairman Steven Fisher thanked Lord his contribution to the business over the past five years.
“Breville has grown strongly over recent years and is in good shape. We are fully committed to our ‘Food Thinking’ strategy, which will continue to drive product innovation and market diversification.
“Everyone at Breville wishes Jack well in his future endeavours. We will commence a global search for a new CEO immediately,” Fisher said.
Fisher said that, as Breville continues to grow and invest, the business is becoming increasingly global and the board is determined to have the best leadership in place to deliver the company’s global growth strategy.
Lord’s resignation was announced this morning alongside the company’s full year financial results, which further outlined changes in Breville’s future including relocating its Sydney-based Australian business and corporate head office to new leased premises and “acceleration of an organisiation-wide cost efficiency strategic review.”
The Group is also eyeing off further global expansion after seeing strong results in its ‘Rest of the World’ market segment in FY14, including launching in Brazil with global homewares manufacturer Tramontina.
“Breville has a healthy pipeline of new products and has continued to expand across global geographies. With a strong balance sheet, the Group is well placed to grow its existing business and take advantage of the future opportunities. We look forward to the benefits flowing from the cost efficiency strategic review,” Fisher said.