SYDNEY: A revamped image is set for party plan lingerie group UnderCoverWear, with the announcement of new leadership.
Long serving CEO Elaine Vincent will end her 15 year run with the company when her contract expires on June 30. Vincent will receive a final payment of $400,000.
Her replacement will be current national sales and marketing manager Simon Pervan. He will take on the role in April.
The company said he will focus on increasing its consultant count, implementing product change and revamping branding. Profit and costs will also be scrutinised.
UnderCoverWear had a challenging first half to the current financial year, with revenue of $13,401,225 down 10.6 per cent on the previous year.
In the six months to December 31, 2009 the company reported profit from ordinary activities after tax attributable to members was $892,550, down 37.6 per cent on the previous corresponding period.
It reported that trading for the period was challenging due to the vast choice available to consumers of competitive product at heavily discounted prices. It said this was driving their purchasing behaviour.