- Candy Club has appointed a new Chairman to its board, James Baillieu
- James is looking to increase his holding in the company by $1.5 million
- He has been brought on board to help execute the B2B strategy
- The company’s share price is up 40.35 per cent today, currently sitting at $0.080 apiece
Confectionery subscription company, the Candy Club has appointed a new Chairman to its board, effective today.
James Baillieu will replace the current Chairman, Robert Hines, who is stepping down into the Non-Executive Director role.
Following the news, Candy Club’s share price has jumped just over 40 per cent to sit at $0.080 apiece, as of AEST 11:47 am.
The company is impressed with James’ credentials and experience. He previously worked as Non-Executive Chairman of ASX-listed BidEnergy and has a seven-year consultancy history at McKinsey & Co.
James was also on the board of Candy Club, serving as Non-Executive Director.
In his new role, James will work on delivering the company’s business-to-business (B2B) offering, which targets selling its confectionaries to speciality market retailers.
CEO of Candy Club Keith Cohn welcomes James’ reinstatement to the company.
“As a long term shareholder and former director of the company, James has been following our progress for the past 18 months and is excited about the B2B growth trajectory of the business,” Keith said.
Upon assuming his new role, James is increasing his holding in the company, pending shareholder approval. He is looking to purchase $1.5 million worth of shares in the company.
James said considering he can purchase the shares, the company will be in a strong financial position to execute the B2B plan in the United States.
Besides selling its products to retailers, the confectionary company operates an online subscription base. For a monthly fee customers will be sent different sweets and chocolates to their doorsteps.