New Zealand childrenswear retailer Pumpkin Patch is reeling, following the resignation of its chief executive officer Neil Cowie.
The executive departure follows an announcement by Pumpkin Patch just weeks ago that it had downgraded its expected earnings for the full year 2013, due to the impact of tough trading conditions in Australia.
Cowie, who has been with Pumpkin Patch for six years in total – including two as CEO – has resigned to take up another role in the New Zealand retail industry, with New Zealand's biggest hardware store chain Mitre 10 .
Mitre 10, a New Zealand-owned cooperative, is reportedly soon to open larger format mega stores to compete with rival Bunnings, owned by Australia’s Wesfarmers.
As CEO, Cowie will oversee the expansion of the Mitre 10 network of mega stores, which is expected to increase from 35 currently to 44 by the end of 2014, and exceed $1 billion in sales in the 2014 financial year.
Commenting on Cowie's departure from the company, Pumpkin Patch chairperson Jane Freeman thanked Cowie for his contribution to the company.
“Neil has made a significant contribution to the company in his six years with us, especially during the last two years as CEO as he guided the business through a significant period of change. On behalf of the board of directors and the entire Pumpkin Patch team I wish him well for the future.”
Looking ahead, Freeman added that the company has long term succession plans in place and has “well-qualified internal candidates to fill the CEO role.”
She said a CEO selection and appointment process has commenced and will run over the coming months.
“We are very fortunate to have an experienced and very capable executive team and board in place to lead the business and to continue with the roll out of our long term strategic plans until the CEO appointment is confirmed,” Freeman said.