ZB

Kathmandu chief executive Reuben Casey resigns

Author
NZ Herald ,
Publish Date
Tue, 19 Jul 2022, 2:21pm
Photo / File
Photo / File

Kathmandu chief executive Reuben Casey resigns

Author
NZ Herald ,
Publish Date
Tue, 19 Jul 2022, 2:21pm

Kathmandu chief executive Reuben Casey has resigned from his role at the global outdoor clothing company.

Casey joined Kathmandu in 2010 where he held various roles including CFO and COO, before being appointed CEO of the Kathmandu brand in 2019 following the acquisition of Rip Curl.

KMD Brands managing director and group CEO Michael Daly said: "Reuben has been an integral part of Kathmandu in his time with the brand. He has built a strong brand leadership team and leaves Kathmandu well positioned for continuing growth. We wish Reuben all the very best."

KMD Brands owns Kathmandu, Rip Curl and Oboz.

Casey said: "It's been a privilege being with Kathmandu for over 12 years and I thank all the team at Kathmandu and KMD brands. With such a passionate team culture, brand strength, desirable product offer and a blossoming international business, I have no doubt that Kathmandu will go from strength to strength."

Daly will act as interim Kathmandu CEO while a replacement is assessed.

KMD Brands reported a net loss of $5.5 million in the six months to January 31, having posted a profit of $22.3m in the same period a year earlier.

The retailer was heavily affected by Covid lockdowns because of its higher store concentration in Australasia. Its first quarter included 6891 lost trading days compared to 2432 the previous year. During a three-week period spanning August and September last year, more than 70 per cent of the store network was closed.

It expects to regain lost momentum in the crucial winter trading period, aiding a return to profit in the second half.

"Kathmandu's biggest half is always the second half because of winter so we're certainly looking to see some good trade," Daly told the Herald in March.

Dual-listed KMD Brands' shares were trading at $1.09 on the NZX this morning and are down 42 cents, or 27.81 per cent for the year.