Leading global online marketplace specialist Redbubble Limited (ASX:RBL) has appointed Founder Martin Hosking as Interim CEO following Barry Newstead’s termination as CEO.
According to Redbubble Chairman Richard Cawsey, the leadership transition comes ahead of the release of the company’s half yearly results on February 26, which will show the company’s financial and operating metrics are in line with expectations: growth in Operating Revenues of 25% in the first half year on year, and positive cash flow in FY20.
Mr Cawsey said business performance in the calendar year to date has been encouraging.
“Redbubble has undertaken a review of strategy and its operations,” Mr Cawsey said.
“Following these extensive deliberations, the Non-Executive Directors have decided that a change in leadership is necessary.
“We wish to thank Barry for his contribution. Barry has been an important part of the business since 2013, having previously served as COO, and then as CEO for the past 18 months. We wish him every success in his future endeavours.”
Mr Cawsey said Redbubble’s fundamentals remain strong.
“We are a market leader in our industry and have a unique business that is difficult to replicate, with strong fundamentals and a demonstrated growth strategy.
“The company’s focus must be on core business and investing in the opportunities before the company. In the coming periods, that investment will focus on continuing the current growth initiatives, including accelerating the new product launch cycle and realising the opportunities provided by the quickly growing Fan Art partnerships.”
Leading an extremely talented, hardworking and committed Executive and team, Redbubble will have a safe pair of hands in Founder and former CEO Martin Hosking. He knows the company inside out and has remained closely involved as a Non-Executive Director and as the largest shareholder.”
A global search for a new long term CEO will commence immediately.
Founded in 2006, the Redbubble Group incorporates Redbubble Limited and its subsidiaries, including TP Apparel LLC (TeePublic). The Redbubble Group owns and operates the leading global online marketplaces hosted at Redbubble.com and TeePublic.com, powered by over one million independent artists.