Cavalier CFO Hipkiss resigns, effective immediately

Monday 3rd April 2017

Cavalier Corp said Sarah Hipkiss has resigned from her position as chief financial officer with effect immediately.

The Auckland-based carpet maker didn't provide a reason for the resignation in its statement but said a process for the recruitment of a replacement for Hipkiss will get underway shortly.

In February, Cavalier posted a sharply lower first-half profit and the carpet maker and wool scourer continues to forecast no earnings growth for the full year as the cost of work to reduce debt, rationalise inventory and restructure was having an impact, and a stronger US dollar.

Normalised earnings in the year ending June 30 are expected to be "close to breakeven," it reiterated at the time. However, while it said the short-term costs of its reinvestment activities are impacting the company "they will progressively and significantly benefit the company going forward".

The stock last traded at 62 cents, having gained nearly 9 percent over the past year.

(BusinessDesk)

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