Energy Mad CEO/CFO Ravlich to depart

Tuesday 15th March 2016

Energy Mad chief executive and chief financial officer Paul Ravlich has resigned after three years running the unprofitable lightbulb maker.

The CEO role was added to Ravlich's existing CFO position in February 2013 when managing director Chris Mardon stepped aside to focus on sales growth. In December, the company said it would split out the two positions again and disestablish the current joint role, because a more conventional structure would allow the company "to better serve its growing Australian market, alongside its New Zealand operations."

Today Energy Mad said Ravlich had decided not to accept either appointment and would depart on April 1.

“The decision was a difficult one, but I felt the time was right to pursue opportunities and challenges outside of Energy Mad," Ravlich said.

Energy Mad shares last traded at 3 cents, valuing the company at $2.35 million. The stock has tumbled since listing in 2011 after being sold in an initial public offering at $1 apiece.

In the November, the company that counts NZX's SuperLife unit as its biggest shareholder almost halved its first-half loss to $656,000 after slashing staff costs and winding back sales commissions and other external fees.

BusinessDesk.co.nz

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