Ecoya, the scented candle and skincare products maker, will stay under the guidance of its biggest shareholder after Stephen Sinclair was appointed chief executive.
Sinclair will take up the reins immediately after Ecoya's board held a thorough review working with an external recruitment firm, the company said in a statement. His appointment means the Bakery Business LP, which owns about 49 percent of Ecoya, will retain the top executive position after chairman Geoff Ross stepped down from the role. Sinclair is currently chief operating office, and holds a seat on Ecoya's board.
"I have been heavily involved in the recent planning and I am now looking forward to taking a larger role in the implementation of the plans," Sinclair said.
The Business Bakery is the investment vehicle for 42 Below Vodka founders Ross, Sinclair and Grant Baker, which they used to underwrite Ecoya's $10.1 million initial public offering in 2010. The firm has also taken a stake in financier and insurer Dorchester Pacific and is planning a float for beer-maker Moa Group later this year.
Ross relinquished his role as executive chairman after reviewing its board structure this year, though he will remain involved in Ecoya's marketing. The company decided to scale back the size of the board in June, leading to the resignation of directors Collette Dinnigan, Craig Schweighoffer and Deeta Colvin.
Ecoya posted an operating profit of $204,000 in the year ended March and is targeting to break-even in the 2013 financial year after acquiring beauty products maker Trilogy.
The shares fell 0.8 percent to $1.23 in trading today, and have gained 34 percent this year.