Kristy Carr’s attempt to change the board did not come to pass at an extraordinary general meeting,ending a bitter months-long dispute at the infant formula company.
“We would love them to reconsider their position,” James Jackson,who hopes to become Bubs’ next chairman,said after two proxy advisers recommended against the spill.
Peter Nathan,the former A2 Milk executive gunning for the top job at Bubs Australia,says the company’s management lacks the track record of commercial success.
The tumultuous infant formula business has released the findings of its strategic review in hopes that shareholders will vote against spilling the current board of directors.
Corporate convention and restraint appear to have been thrown out the window by the players involved.
The infant formula maker has also accused the group’s former chief executive and former chairman of misusing company funds and spending big on travel and luxury hotels.
This time last year,Bubs Australia was collecting accolades from US President Joe Biden. But a spectacular fallout between the co-founder and her board has sent the business reeling – and left investors to decide the company’s future.
The current management of the infant formula maker says vested interests are at play in a motion to change the company’s leadership.
The stage is set for ousted founder Kristy Carr to try to remake the company she founded – from the outside.
Kristy Carr,former CEO of the infant formula maker,has the support of concerned shareholders who claim Bubs’ board is trying to take over the company by stealth.