Cavalier's CFO Tan retires after 28 years

Tuesday 28th August 2012

Cavalier Corp, New Zealand's only listed carpet marker, said its long-serving chief financial officer and company secretary, Victor Tan will retire after 28 years as a full-time employee.

Tan joined the Auckland-based company in 1984, the same year it listed on the New Zealand stock exchange. Tan will remain in both roles until a replacement is found and the "appropriate transition of duties can take place," the board said in a statement.

The process to replace Tan will get underway shortly. The board is in no rush to replace Tan due to his continued availability. Last week, Cavalier turned to a full-year loss on costs to restructure its business in response to deteriorating trading conditions in New Zealand and Australia.

The loss was $1.6 million in the 12 months ended June 30, from a profit of $18.2 million a year earlier. Sales fell 5 percent to $217 million. Shares in the company are up 0.6 percent to $1.76 today. The stock has shed about 9.3 percent this year and is rated 'outperform' based on the consensus of three Reuters' analysts.

BusinessDesk.co.nz

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