NATIONAL: Embattled womenswear chain Noni B has announced an executive reshuffle. Robert Critchley, chairman of Noni B for nearly ten years, will step down from his position following the company's annual general meeting on October 29. Critchley advised he would stand for re-election at the meeting and, if re-elected, would remain as an independent non-executive director pending completion of a board review and the appointment of one or more additional independent directors.
Noni B independent non-executive director Lynn Wood would succeed Critchley as chairman. Wood is a non-executive director of HSBC Bank Australia, GPT Funds Management, CEDA and MS Australia and is a member of the Foreign Investment Review Board.
Critchley and Wood are both facilitating a review of Noni B's "boardroom skills" by a specialist corporate governance consultancy.
The move comes after the chain recorded its "most difficult and disappointing" year since becoming a publicly listed company in 2000. Noni B recorded a net profit of $2.54 million for the year ended June 30 2008, down 69.3 per cent from the same period last year.
The fall came months after the company announced the discontinuation of its La Voca concept stores, a shift which saw the company suffer $2 million of trading losses.