- Baby Bunting (BBN) announces the departure of CEO and Managing Director Matt Spencer at the end of the year
- Mr Spencer has spent more than 11 years in the role, guiding the company towards its ASX listing in 2015 and helping it become a leading nursery goods retailer in Australia
- During his tenure, BBN grew from 33 stores with around $200 million in annual sales to 70 stores across Australia and New Zealand and annual sales in excess of half a billion dollars
- Baby Bunting will call on search company Derwent to begin its search for a new CEO
- BBN shares are down 7.11 per cent, trading at $2.29 at 12:57 pm AEDT
Baby Bunting (BBN) has announced that CEO and Managing Director Matt Spencer will step away from the company at the end of the year.
The company confirmed his departure after more than 11 years in the role.
Baby Bunting Chair Melanie Wilson said Mr Spencer would leave an “enduring legacy”, providing “outstanding leadership” during his time at the helm of the business.
“On behalf of the board, I would like to extend our deep gratitude to Matt for his leadership and integrity and for the instrumental role he has played in the company’s transition to an ASX-listed company,” Ms Wilson said.
“He has successfully executed the company’s strategy that has seen it grow to be the leading nursery goods retailer in Australia and has laid out a vision for Baby Bunting’s growth here and overseas.”
Mr Spencer joined Baby Bunting in February 2012 and led the company towards its successful listing on the ASX in October 2015.
During his tenure, the company grew from 33 stores with around $200 million in annual sales to 70 stores across Australia and New Zealand and annual sales in excess of half a billion dollars.
Mr Spencer said the company was in good hands moving forward.
“People make the difference real, and I believe we’ve assembled a great team at Baby Bunting,” he said.
“I am confident in the future of the company in the hands of a very experienced and well-respected leadership team.”
Baby Bunting will call on search company Derwent to begin its search for a new CEO.
The company confirmed Mr Spencer would continue as CEO and Managing Director for the rest of the year to assist in a smooth leadership transition.
BBN shares were down 7.11 per cent and trading at $2.29 at 12:57 pm AEDT.