Join our daily newsletter At The Bell to receive exclusive market insights
- Toy business Funtastic’s (FUN) CEO David Jackson has resigned
- He’s set to leave the company in the first quarter of FY21
- Recently, the company has restructured its business and a reduction in Funtastic’s cost base has largely been completed
- Because of this, the company no longer needs David’s experience
- As a result, David has resigned to pursue other interests
- Following David’s departure, the current Chief Financial Officer, Howard Abbey, will become the interim CEO
- Funtastic remains steady on the market today and is trading for two cents per share
Toy business Funtastic’s (FUN) CEO David Jackson has resigned and will leave the company in the first quarter of the 2021 Financial Year.
Recently, the company has restructured its business and a reduction in Funtastic’s cost base has largely been completed. Now, Funtastic is well-positioned to focus on its key product range, which is described as having growth potential.
However, as the business is now smaller and less complex, Funtastic says it no longer needs David’s experience and gravitas.
“David recognises this fact and has graciously resigned to pursue other interests,” the company stated.
Following David’s departure, current Chief Financial Officer, Howard Abbey, will become the interim CEO.
Chairman Bernie Brookes says David has done an excellent job and has led the group through a significant period of change and transformation.
“Under David’s leadership, the business has rationalised product ranges, reduced its cost base and refocussed resources into growth categories. This critical transformation program has created a solid platform that has set the business up for future growth,” he said.
“On behalf of the board I wish to extend my thanks and gratitude to David for his significant contribution to Funtastic and wish him the very best for the future,” he added.
Funtastic remains steady on the market today and is trading for two cents per share at 11:56 am AEST.
