Board shake up for Pumpkin Patch

 

pumpkin patchPumpkin Patch has continued to refresh its board, with chairwoman, Jane Freeman, the latest to announce her departure, as the childrenswear chain tries to revive falling sales.

Peter Schuyt, who has been an independent non-executive director since 2012, will take over from Freeman at the start of October.

Former Warehouse Group executive, Luke Bunt, will join the Pumpkin Patch board from October 1, the Auckland-based company said on Monday.

Schuyt is also a director at Tatua Co-operative Diary Company, Port Nelson, Foodstuffs North Island, and Landcare Research New Zealand.

Bunt was formerly chief financial officer at Warehouse, and currently chairs Flooring Xtra Co-operative and sits on the boards of Comvita, Profile Foods, Smith’s City Group, and Super Liquor Holdings.

The changes are the latest in a series of board and senior executive reshuffles as Pumpkin Patch looks to revive its performance with new blood in the boardroom.

Founder, Sally Synnott, retired from the retailer’s board in July to be replaced by Griffin’s Foods executive Josette Prince.

“Over the past year, we’ve embarked on an important change and review process,” Ms Freeman said. “With the initial stage now complete, I feel that I can step aside confidently with the business positioned for the future.”

In March, Pumpkin Patch announced a strategic review including a close look at its IT infrastructure, in a bid to make its distribution and supply chain management more efficient, and the size of its store footprint in a store by store review.

In May, the company cut its guidance for after-tax earnings before reorganisation costs to a range of $NZ1 million ($A930,969) and $NZ3 million for the year ending July 31, having earlier said earnings would be little changed from last year’s $NZ8.5 million. The company is due to report earnings on Friday.

Shares of Pumpkin Patch last traded at NZ41 cents, and have declined 54 per cent in 2014. 

BusinessDesk

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