Comvita appoints chief operating officer Coulter to replace departing CEO Hewlett

Tuesday 29th September 2015

Comvita, the manuka honey products maker, has tapped chief operating officer Scott Coulter to replace outgoing chief executive Brett Hewlett, taking over the task of more than doubling annual sales over the next five years.

Coulter will step into the role next Monday after overseeing operations since 2012, replacing Hewlett who hands over the reins after a 10-year run in charge of the Te Puke-based firm, Comvita said in a statement. Hewlett will remain an adviser to the board on several projects until March and will be invited to join the board within 12 months of stepping down.

"Throughout his tenure, Scott has played an integral role in shifting Comvita from being an exporting company to the vertically integrated, high value-add international business we are today," chairman Neil Craig said. "In his current chief operating officer role, Scott leads a global team responsible for implementing Comvita's supply chain strategy and sales results.

"The board views that Scott has excellent credentials, ability, and passion to lead Comvita in its committed strategy of brand-driven sustainable growth and innovation towards becoming a highly profitable, $400 million sales company by 2020.” It reported annual sales of $152 million in the 2015 year.

Comvita has benefited from a surge in manuka honey prices, based on Asian interest in the honey's purported health benefits. Almost one third of sales come from Asian markets, including 400 stores in the company's core market of China.

Yesterday the company said it will take a 19.9 percent stake in SeaDragon, helping provide funding for the fish oil refiner to complete a new manufacturing facility in Nelson, and giving the health products maker a secure supply of fish oil as it looks to expand its health supplement range.

Comvita shares were unchanged at $6.50 and have gained some 76 percent since the start for the year.

BusinessDesk.co.nz

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