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Tag: ceo

  • Berta De Pablos-barbier Ascends As Pandora’s New President And Ceo: Driving Global Growth And Sustainability

    Berta De Pablos-barbier Ascends As Pandora’s New President And Ceo: Driving Global Growth And Sustainability

    Berta de Pablos-Barbier, currently acting as the Chief Marketing Officer (CMO) for Pandora, the well-regarded jewellery brand, has been appointed as the company’s incoming President and CEO, beginning her tenure from March 11.

    She will be filling the shoes of the outgoing leader, Alexander Lacik, who has served at the helm since 2019 and will officially retire following Pandora’s annual meeting.

    De Pablos-Barbier’s association with the Danish brand began last year and she has since then been instrumental in redefining the company’s strategic positioning. Her efforts have transformed Pandora from a brand primarily known for its charms to a full-fledged jewellery brand.

    Industry Experience

    With a career spanning three decades in the luxury and consumer goods sector, de Pablos-Barbier brings with her a wealth of international experience. She has previously enjoyed stints as President and CEO of champagne brands Moët & Chandon, Dom Pérignon, and Mercier under the LVMH umbrella. Additionally, her portfolio includes roles as Chief Growth Officer at Mars Wrigley, CMO at Lacoste, and VP of marketing and communications at Boucheron, a part of the Kering group.

    Peter Ruzicka, Chairman of the Board of Directors, expressed his confidence in the appointment, stating, “She is a visionary leader with great analytical skills and a perfect mix of experience from top brands across luxury, fashion and fast-moving consumer goods. She is the right person to lead our continued growth, and I am pleased that we can maintain strategic focus and momentum during this smooth and orderly leadership transition.”

    Future Endeavors

    In her new role, de Pablos-Barbier’s mandate will be to fuel the global brand growth, building upon the Phoenix strategy. Additionally, the strengthening of Pandora’s sustainability and innovation agenda will also fall within her remit.

    Questions & Answers

    Who is the incoming President and CEO of Pandora?
    Berta de Pablos-Barbier is poised to be the President and CEO of Pandora, effective from March 11.

    What is one of de Pablos-Barbier’s significant contributions to Pandora?
    De Pablos-Barbier has played a pivotal role in Pandora’s repositioning strategy, which has seen the company evolve from a charm-focused brand to a comprehensive jewellery brand.

    What will be de Pablos-Barbier’s focus in her new role at Pandora?
    In her upcoming role, de Pablos-Barbier will concentrate on accelerating global brand growth, building on the Phoenix strategy, and further strengthening Pandora’s sustainability and innovation agenda.

  • Link Asset Management Prepares For Ceo George Hongchoy’s Retirement With Interim Leadership Plan

    Link Asset Management Prepares For Ceo George Hongchoy’s Retirement With Interim Leadership Plan

    Hong Kong’s premier property management company, Link Asset Management, has unveiled an interim leadership plan to prepare for the imminent departure of its Group CEO, George Hongchoy.

    Leadership Transition

    George Hongchoy, who also holds the position of Executive Director, has recently declared his intent to retire at the end of this year after a long service tenure of 16 years with the company.

    In response, Link has secured John Saunders, the current Group Chief Investment Officer, for an executive director role on its board from the start of next year. Saunders will be joining forces with Kok-Siong Ng, the Executive Director and Group CFO, to form an interim leadership team. This collaborative effort will temporarily assume the responsibilities of the Group CEO.

    Steering the ship

    The company’s chair, Duncan Owen, along with a newly constituted Chairs Committee, will be responsible for providing oversight, support, and independent counsel to the executive directors. Their role will be crucial in implementing strategic decisions and key initiatives during this transitional phase.

    Owen highlighted the rationale behind this interim arrangement, stating that it will allow the retiring CEO to depart, while capitalizing on the strong and established leadership team that Link currently has. This will ensure smooth operations and continuity until a new Group CEO can assume the office.

    Questions & Answers

    Who is set to retire from Link Asset Management?
    George Hongchoy, the Group CEO and Executive Director is set to retire on December 31.

    Who will form the interim leadership team at Link?
    John Saunders, the current Group Chief Investment Officer, and Kok-Siong Ng, the Executive Director and Group CFO, will form the interim leadership team.

    What role will Duncan Owen and the Chairs Committee play during this transition?
    Duncan Owen and the newly formed Chairs Committee at Link will be providing oversight, support, and independent guidance to the executive directors in their execution of strategy and key initiatives.

  • Meet Lori Huang: The Woman Behind Billionaire Nvidia CEO Jensen Huang’s Success.

    Meet Lori Huang: The Woman Behind Billionaire Nvidia CEO Jensen Huang’s Success.

    Lori Huang, known for her steadfast support of her husband Jensen since their college days, plays a vital role alongside him in the Jen-Hsun and Lori Huang Foundation, which focuses on various public health initiatives. This partnership dates back to Oregon State University, where in a male-dominated engineering class, she shone brightly as one of only three women among 250 students.

    At the age of 17, Jensen vividly remembers their first meeting: “I was the youngest kid in school. I walked up to her and I said, ‘Do you want to see my homework?’” Their bond grew from there into a weekly study session, during which Jensen boldly proclaimed that he would become a CEO by age 30—a promise he fulfilled with the founding of Nvidia in 1993.

    Both Lori and her time at Oregon State significantly influenced Jensen’s career trajectory. Reflecting on his education, he remarked, “I enjoyed computers growing up, but Oregon State University opened my eyes to the magic behind them.” It was at this institution that he first fell in love with technology, mentored by exceptional professors who ignited his passion. “Everything I have learned over the past decades is built on the strong foundation I gained here,” he added.

    While Lori prefers to lead a private life, her philanthropic spirit is well recognized. The couple’s philanthropic efforts include a staggering US$60 million donation in 2023 and US$66 million in 2022, primarily through their charitable vehicle, The Huang Foundation. Notably, they contributed US$10 million to Oregon State University and US$900,000 to the American Friends of Magen David Adom.

    A spokesperson for the Huangs explained, “The Huang Foundation supports higher education, public health, and STEM initiatives across the U.S., alongside local community organizations in the San Francisco Bay area. By taking a long-term approach, the foundation ensures that its resources will continue to support critical causes well into the future, maximizing its charitable impact over time.”

    The couple shares two children: Madison, who serves as a director of marketing at Nvidia, and Spencer, a senior product manager. Jensen humorously attributes his iconic black leather jacket look to his family’s influence: “I’m happy that my wife and my daughter dress me.”

    After four decades of partnership, Lori remains Jensen’s steadfast supporter. Reports illustrate their foresight in wealth management, as they’ve been strategizing to shield their assets from estate taxes since at least 2012. Today, Forbes estimates Jensen’s fortune at an astounding US$113 billion.

    Questions & Answers

    What is the significance of the Huang Foundation?
    The Huang Foundation plays a pivotal role in supporting higher education, public health, and STEM initiatives throughout the U.S., emphasizing long-term impact and community engagement.

    How did Lori and Jensen Huang first meet?
    The couple met at Oregon State University when Lori, an engineering student, caught Jensen’s attention—in a charmingly nerdy way—by asking if she wanted to see his homework.

    What are the educational and professional paths of their children?
    Their daughter Madison is a director of marketing at Nvidia, while their son Spencer contributes as a senior product manager at the same company, showcasing a legacy of innovation in the family.

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  • Nanogen CEO, Pioneer of Vietnam’s Covid Vaccine Trials, Dies at Age 59

    Nanogen CEO, Pioneer of Vietnam’s Covid Vaccine Trials, Dies at Age 59

    Ho Nhan, the esteemed CEO of Nanogen and a trailblazer in Vietnam’s quest for a Covid-19 vaccine, has passed away at the age of 59. His family confirmed the heartbreaking news early Tuesday, creating a void in the burgeoning biotechnology landscape of Vietnam.

    Nguyen Thi Son, his mother-in-law and the founder of the Son Kim Group—a family enterprise with interests spanning real estate and retail—spoke about his health struggles on social media. She revealed that despite battling heart disease and often expressing fatigue, Hnan remained unyieldingly dedicated to his work.

    A native of New York, Nhan honed his expertise by obtaining a Ph.D. in biotechnology from the University of Arizona. After years spent researching abroad, he returned home in 1997 and established Nanogen Pharmaceutical Biotechnology Jsc, a pioneering force in the field. He led the company as chairman and CEO until 2021, when he passed the baton to his wife, Nguyen Thi Hong Van. However, just six months later, like a phoenix rising from the ashes, he resumed his role as CEO and continued to drive the company forward until his untimely death.

    In 2019, Nanogen was valued at over VND5 trillion (approximately US$193 million), with Nhan holding a commanding 59.6% stake in the company and Van owning 14.6%. Notably, Nanogen was among the few Vietnamese organizations at the forefront of researching Covid-19 vaccines and made history in late 2020 as the first to initiate human trials for its vaccine, NanoCovax. By the following year, the research team reported that a 25-microgram dose provided nearly 52% protective efficacy after 180 days—an impressive feat amid a global health crisis.

    Nanogen’s success isn’t solely measured in efficacy statistics; the company has been pivotal in producing pharmaceutical raw materials and injectable drugs utilizing advanced technologies. Adding another layer to Nhan’s rich background, he also brought financial acumen to the table, serving on the board of directors at Vina Securities Company from 2013 to 2016 and earning accolades for his expertise in mergers and acquisitions in the pharmaceutical, hospital, and medical equipment sectors across the U.S. and Hong Kong.

    In the wake of his passing, Vietnam not only mourns a leader in biotechnology, but it also loses a visionary who combined passion and resilience to achieve the remarkable.

    Questions & Answers

    What was Ho Nhan’s role in the development of Covid-19 vaccines in Vietnam?
    Ho Nhan was the CEO of Nanogen, which was among the first organizations in Vietnam to conduct human trials for a Covid-19 vaccine, NanoCovax.

    What were some significant achievements of Nanogen under Ho Nhan’s leadership?
    Under Nhan’s guidance, Nanogen became known for producing pharmaceutical raw materials and injectable drugs using cutting-edge technologies, and it achieved a company valuation of over VND5 trillion in 2019.

    What other expertise did Ho Nhan possess beyond biotechnology?
    In addition to his work in biotechnology, Ho Nhan had a substantial background in finance, including serving on the board of directors at Vina Securities Company and being recognized for his expertise in mergers and acquisitions in various sectors.

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  • Former Starbucks Vietnam head becomes Phuc Long beverage chain CEO

    Former Starbucks Vietnam head becomes Phuc Long beverage chain CEO

    Patricia Marques, formerly the chief of Starbucks Vietnam for over 11 years, has been named the CEO of beverage chain operator Phuc Long Heritage.

    Marques has made an appearance at of Phuc Long’s recent events, and is introduced on the website of Masan Group, the parent company of Phuc Long Heritage, as “a seasoned food and beverage executive with a proven track record of success in the Vietnamese market.”

    Prior to joining Phuc Long, she served as general manager of Starbucks Vietnam, where she oversaw all aspects of the business and maintained a close relationship with its partner, Maxims HK.

    Before that she had spearheaded the establishment of international operations for companies such as Saks Fifth Avenue, Panera Bread and Highlands Coffee.

    Marques has lived in Vietnam for the past 14 years and considers HCMC her home, according to Masan.

    “We believe that Patricia will write the next chapter for Phuc Long Heritage and build a tea brand to represent Vietnamese culture.”

    Phuc Long has 176 stores nationwide. In the third quarter its net revenues rose nearly 13% year-on-year to VND425 billion (US$16.75 million).

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  • Apple CEO Tim Cook says it is considering a manufacturing facility in Indonesia

    Apple CEO Tim Cook says it is considering a manufacturing facility in Indonesia

    Apple will look into building a manufacturing facility in Indonesia, its CEO said on Wednesday after meeting President Joko Widodo, who hoped the tech giant would increase its local content by partnering with domestic firms.

    Apple chief executive Tim Cook arrived in Jakarta on Tuesday after visiting Vietnam. He met with Jokowi, as the president is popularly known, and will inaugurate its fourth developer academy on the island of Bali.

    “We talked about the president’s desire to see manufacturing in the country, and it is something that we will look at,” Cook told reporters after the meeting.

    Apple has no manufacturing facilities in Indonesia, but since 2018 it has been setting up app developer academies, which including the new academy have a total cost of 1.6 trillion rupiah ($99 million).Indonesia’s industry minister, Agus Gumiwang Kartasasmita, who also attended the meeting, told reporters that if Apple decided to build manufacturing facility in Indonesia, it would have the capacity to produce for export.

    “We will discuss how Apple’s facility in Indonesia could become a global supply chain,” he said, adding that the government said that even if Apple didn’t built a factory, it could partner with Indonesian companies to obtain components.

    Apple has met Indonesia’s 35% local content requirement to sell its products by investing in developer academies, Agus said, but the government hoped that number could be pushed higher with a manufacturing facility.

    Apple has based much of its key manufacturing of iPads, AirPods and Apple Watches in Vietnam; suppliers for MacBooks are also investing in the country.

    Indonesia has a huge, tech-savvy population, making the Southeast Asian nation a key target market for tech-related investment.

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  • L’Oreal names Adrien Koskas GM for consumer products

    L’Oreal names Adrien Koskas GM for consumer products

    Cosmetics giant L’Oreal has named Adrien Koskas as GM for the consumer products division (CPD) of its South Asia-Pacific, Middle East and North Africa regions (SAPMENA).

    Koskas will report directly to Vismay Sharma, president of SAPMENA, based in Singapore, in his new role.

    L’Oreal’s CPD houses four of the company’s major brands: L’Oreal Paris, Maybelline New York, Garnier, and NYX Professional Make-Up.

    Described as a “pioneering brand builder,” Koskas brings extensive experience in global leadership and marketing to his new role, with an 18-year career at L’Oreal.

    He previously served as the global brand president of Garnier since 2019, where he achieved record growth and launched Green Beauty, the flagship brand for the group’s sustainability commitment.

    Koskas has also held various leadership positions in France, Brazil, and the UK, including serving as GM, CPD for L’Oreal UK & Ireland.

    “With 3 billion people, SAPMENA is a highly strategic region full of opportunities and new ways to engage with young, digital and beauty-savvy consumers who represent many cultures and beauty aspirations,” said Koskas on his new appointment.

    “It is also the perfect environment to embrace cutting-edge innovations in many fields to deliver our high growth ambition.”

    Koskas succeeds Manashi Guha, who takes on a new role as MD, CPD for L’Oreal UK & Ireland.

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  • SeABank names new acting CEO

    SeABank names new acting CEO

    Le Quoc Long, for the last 18 years the deputy CEO of SeABank, has been named its new acting CEO with effect from Tuesday.

    He replaces Loic Faussier, who resigned for personal reasons after being with the bank for three years as CEO and in other key positions.

    Long, 58, has accounting and law diplomas from two Hanoi universities and been working in finance-banking for 30 years.

    He joined SeABank in 2005 as deputy CEO in charge of credit and risks management.

    The executive board of SeABank now has nine members.

    SeABank was established in 1994 and has 181 branches across the country.

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  • L’Oreal Group ANZ appoints Alex Davison as its new CEO

    L’Oreal Group ANZ appoints Alex Davison as its new CEO

    Alex Davison has been appointed the new CEO of L’Oreal Group ANZ, succeeding Rodrigo Pizarro.

    Davison has served as the CEO of L’Oreal Greece for the past three years. According to the group, Greece has continuously been among the fastest-growing markets in Europe under his leadership, with the company achieving three years of double-digit growth, and building market share in every business channel.

    “This aligns with my personal leadership values and I’m looking forward to working with the team as we build brands tailored for Australian and New Zealand consumers, and a business focused on sustainability and diversity,” said Davison.

    He also oversaw the group and was honoured in Greece as a ‘Top 20 Company Changing the World for Good’, award by Fortune magazine.

    In 2016, Davison began working for the L’Oreal Group as the UK GM of the business division for Dermatological Beauty. Prior to that, he worked for Procter & Gamble for 17 years.

    L’Oreal purchased Australian luxury cosmetics business Aesop from Brazil’s Natura & Co Holding earlier this year for US$2.525 billion (A$3.7 billion).

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  • Mondelez Int’l appoints new president for Southeast Asia unit

    Mondelez Int’l appoints new president for Southeast Asia unit

    Mondelez International, the maker of iconic brands including Cadbury Dairy Milk, Oreo, Ritz and Toblerone, has appointed Hemant Rupani as president for its Southeast Asia (SEA) Business Unit.

    Hemant, previously Managing Director of Mondelez Kinh Do Vietnam, replaces Glenn Caton who has moved to another position in the company’s global operations.

    In his new role, Hemant will be responsible for the SEA cluster of markets including the exports business in the broader Asia Pacific, Middle East and Africa (AMEA) region, leading growth and end-to-end business.

    He said: “The SEA business has been on an accelerated growth path driven by increasing consumption, digital penetration, talented population, and cultural diversity in the region.”

    “We have built a reign as category leaders across segments with our portfolio of iconic global brands and local jewels. Combining our solid team, local-first strategy, and robust investments, we are in a strong position to lead the future of snacking and drive sustainable growth forward.”

    He added: “Over the years, we have learned to adapt in making the business more agile, resilient, and competitive. Digitalization will play an increasing role to help us speed up innovation, strengthen proximity to consumers, and spearhead progress towards creating snacks the right way.”

    Hemant is an accomplished leader with over 20 years of experience working in India, the U.S. and Vietnam, covering various industries including food and beverage (F&B), telecommunications, and consulting.

    Throughout his career journey, Hemant has enabled multiple business turnarounds, driven operational excellence, and built high-impact teams. Prior to joining Mondelez International in 2016, he worked with several leading organizations including PepsiCo, Vodafone, Britannia, and Infosys Technologies.

    Mondelez International commands a long-standing heritage in SEA. The region also houses ten manufacturing facilities and two technical centers that support its world-class supply chain capabilities and product innovation.

    Early this year, Mondelez International invested $23 million to expand its OREO production line in Cikarang, Indonesia, which also uses the latest technologies in reducing energy, water and carbon emissions. The company has also integrated solar panel rooftops on two of its manufacturing plants in Malaysia, including the Cadbury chocolate production factory which has a 48-year-old heritage locally.

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  • Unilever CEO Alan Jope to retire next year

    Unilever CEO Alan Jope to retire next year

    The British consumer products maker said its board would start a formal search for a successor to Jope, a Unilever veteran who took up his role at the start of 2019, considering both internal and external candidates.

    Unilever’s shares rose almost 4% in early trading, hitting their highest since August last year. They were up 1.2% at 1150 GMT.

    The company’s search begins at a time of soaring food and energy prices which are hitting household budgets and hurting consumer confidence. The company will be looking for a new CEO at the same time as rival Reckitt, the maker of Dettol products and Finish dish soap.

    Unilever has had a rocky start to the year after mounting three bids for the consumer health arm of GlaxoSmithKline – one for as much as 50 billion pounds ($53.14 billion).

    The move was met with disapproval from shareholders, some of whom also criticised Unilever for prioritising sustainability over core growth.

    “This may signal more welcome future change at Unilever,” Tineke Frikee, fund manager at Unilever investor Waverton Asset Management, said.

    “The unappealing plan to buy consumer healthcare from GlaxoSmithKline has tainted Mr Jope’s track record somewhat so a fresh start from a new CEO could convince investors Unilever’s momentum is trending upwards again.”

    The company in January also announced plans to cut about 1,500 management jobs and reshape its business to focus on five main product areas, days after it was revealed that Peltz, via his Trian Partners vehicle, had built a stake in Unilever.

    Trian told Reuters in a statement that it was sorry to learn of Jope’s decision to retire.

    “As a board member, Trian’s CEO Nelson Peltz looks forward to continuing to work closely with Alan until his departure and to being part of the process of choosing a new leader for the company,” it added.

    A Unilever spokesperson said the company is “fully committed to the organisational changes” and that Jope is “completely committed to delivering against that strategy.”

    Jope has worked at Unilever for more than 35 years, holding various senior leadership positions, including being head of the personal care division from 2014.

    “I think Jope’s tenure as CEO was a bit of a mixed bag,” Jack Martin, fund manager at Unilever shareholder Oberon Investments, said. “It has been a very impressive career nonetheless, joining as a trainee in the 80’s and ending up as CEO of one of the UK’s largest listed companies,”

    Unilever’s shares have underperformed European consumer staples and discretionary indices, as well as most rivals since Jope became CEO.

    “Our immediate concern is that this leaves 15 months until his retirement with a CEO who might be seen to have lost credibility with employees and other stakeholders,” RBC analyst James Edwardes Jones said.

    “This at a time when Unilever will be implementing and bedding down a fundamental reorganisation, not to mention dealing with a challenging macro-economic environment.”

    A source familiar with the matter said Unilever’s “unusual” decision to tell the market more than a year before Jope leaves stems from concerns that the news would have leaked before being officially announced.

    “While his has undoubtedly been a great career, investors are likely to see this as a positive change, as the company has struggled in recent years to convince investors that it has the right brands and strategy to be a mid-single digit growth company,” Bernstein analyst Bruno Monteyne said.

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  • Furla appoints Giorgio Presca as its new CEO

    Furla appoints Giorgio Presca as its new CEO

    Italian luxury brand Furla has announced the appointment of Giorgio Presca as the group’s new chief executive officer, effective immediately.

    Presca will succeed COO Devis Bassetto, who temporarily held the position of CEO since April, following the exit of Mauro Sabatini.

    Presca joins the Bologna-based company with 30 years of fashion industry experience.

    He most recently served as CEO of Clarks, prior to which he held the same position at Golden Goose, Geox and Citizens of Humanity.

    Additionally, he has also worked in executive positions for a number of fashion brands such as Diesel and Levis.

    “I am delighted that Giorgio Presca joins Furla as CEO, he is a skilled leader with a strong ability in reinforcing global fashion brands and driving profitable and safe growth,” said Giovanna Furlanetto, president of Fondazione Furla, in a release.

    Furlanetto continued: “Mr Presca shares our values and our determination to establish Furla as a real democratic brand, the only Italian brand in its category. This appointment also stands to highlight my whole family’s willingness to continue with the full control of our business and lead it into the future.”

  • Pay TV firm AVG appoints new CEO

    Pay TV firm AVG appoints new CEO

    Vu Minh Tri, former CEO of Microsoft Vietnam, is the new CEO of pay TV firm AVG. Tri, 49, replaces Mai Duy Long, also 49, who helmed AVG for nearly two years. Tri, who became the CEO of Sony Ericsson Vietnam in 2006, has since taking top positions in the Vietnam operations of Yahoo, Qualcomm and Microsoft.

    He is now the CEO of telecom firm Asim Group and two other companies.

    State-owned MobiFone, the country’s third largest telecommunications firm, had made headlines early in 2016 when it announced it was breaking into the pay TV market with the acquisition of a 95 percent stake in AVG.

    But government inspectors concluded that the deal had violated public investment laws and caused an estimated loss of about VND7 trillion ($307 million) to the state budget.

    In 2019, several senior officials implicated in the MobiFone case were arrested and sentenced to varying jail terms.

  • Zilingo CEO suspended amid financial probe

    Zilingo CEO suspended amid financial probe

    Zilingo Pte, one of Singapore’s highest-profile startups, has suspended Chief Executive Officer Ankiti Bose after an effort to raise new funding led to questions about the company’s accounting, according to people familiar with the matter.

    The company, which supplies technology to apparel merchants and factories, had been trying to raise $150 million to $200 million with help from Goldman Sachs Group Inc. when investors began to question its finances as part of the due diligence process, said the people, asking not to be identified because the information is confidential.

    The company began by working with small merchants that sell to consumers and then expanded into adjacent areas. As the founders started talking with small sellers, they realized many lacked access to robust technology and essential capital.

    That led them to develop software and other tools that would allow merchants to access factories in places like Vietnam or Bangalore, and would smooth the complicated process of shipping across borders. In 2018, Zilingo began to team up with financial technology firms to provide working capital to small sellers so they can buy raw materials to produce goods.

    In early 2019, Zilingo raised $226 million from investors including Sequoia and Temasek, and pushed its valuation to $970 million, almost the $1 billion mark that earns startups designation as a unicorn. Bose, then 27, was celebrated as a visionary and a sign of the entrepreneurial potential for Southeast Asia.

    “We were a bunch of twenty-somethings with nothing except this dream and we decided to chase it,” she said at the time. Bose had worked at Sequoia earlier and had said the experience helped her build the startup.

    Zilingo, which had grown into a full-blown marketplace for wholesale buyers and sellers in the fashion industry, faced growth troubles after pandemic-fueled restrictions forced many small businesses to shut their doors. To rein in its own costs, Zilingo said it cut a number of jobs in 2020 and downsized marketing, sourcing and support teams in the U.S., Australia, Singapore and Indonesia.

    The company made an aggressive pitch in its latest effort to raise fresh capital. Late last year, it forecast that core net revenue would rise from about $40 million in fiscal 2021 to roughly $60 million in fiscal 2022 and $100 million the year after, according to presentation documents reviewed by Bloomberg News. Zilingo said it anticipated breaking even on core Ebitda — or earnings before interest, taxes, depreciation and amortization — in fiscal 2023 and then reach almost $200 million in fiscal 2026.

    On March 31, Bose was called to a meeting with three board members and told about “serious” complaints about discrepancies in accounts and mismanagement, according to the correspondence reviewed by Bloomberg. She was later questioned by two people from Kroll, the investigations firm. Her suspension is scheduled to run until May 5.

    Bose, through her lawyer, has argued that the directors did not follow proper procedures during the process and questioned their right to suspend her, according to the correspondence from her attorney to Zilingo.

    “We are of the view that our client’s suspension has been procured by invalid and defective means; that the investigation commenced into her is unfair and lacking in due process, and that she has been suspended without proper and reasonable cause,” her attorney wrote.

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  • McDonald’s Australia appoints new CEO

    McDonald’s Australia appoints new CEO

    McDonald’s Australia has named Antoni Martinez as its new chief executive to replace outgoing boss Andrew Gregory, who is moving to a global role as head of franchising at the fast food giant.

    Mr Martinez will move back to his native Australia at the end of the month to take up the new job on May 1 from Seoul, where he is currently managing director of McDonald’s Korea.

    Mr Gregory has worked at McDonald’s Australia since 1996, starting as a crew member and working his way up to chief financial officer before taking on the top job in 2014.

    Under his leadership, McDonald’s Australia has delivered consistent, record growth in sales, profitability, and market share. Coffee, delivery and digital sales have been among the most significant drivers of growth.

    “McDonald’s Australia is one of McDonald’s largest and most successful markets in terms of growth, employment, and economic impact,” Mr Gregory said.

    “I am proud to be handing the reins of this great company to Antoni at a time of strong, sustained performance.“

    “As I step up and into a global position, I have every confidence that he is the best leader to return home and drive the plans for our continued growth, innovation, and success.”

    Mr Martinez takes over at a difficult time as the chain makes a big push into regional areas. It is facing an uphill battle in attracting the right franchisees who are willing to move and invest upwards of $1.5 million cash in the business.

    “Macca’s” has about 100 new restaurants in the pipeline over the next three years, about one-third of which will be in regional areas.

    The group has 1020 McDonald’s restaurants across Australia and nearly 85 percent of those are franchise operations. It is a major employer with more than 110,000 people in restaurants and corporate offices, and is the largest employer of youth in the country.

    Mr Martinez will also be grappling with possible wage increases being determined by the Fair Work Commission’s wage panel, which would come into effect on July 1. Unions are pushing for a 5 percent increase in the minimum wage this year to more than $21 an hour to cope with the surging cost of living.

    Mr Martinez started at McDonald’s in Melbourne in 2000, before moving into senior leadership roles including development director and market director for the southern region, where he was responsible for operations, franchising and marketing for more than 300 restaurants.

    In February 2020, Mr Martinez relocated to Seoul to lead South Korea’s McDonald’s team.

    Mr Martinez said he was excited to return to Australia, where he planned to focus on providing opportunities for its people to develop their skills.

    “I stepped outside of the Australian market to gain valuable international experience and have watched with a great sense of homegrown pride the continued growth and innovation of the Australian business,” he said.

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