Lord Leaves Breville as CEO
SYDNEY, Australia-Jack Lord, CEO of Breville, has left his post effective Aug. 21.
Mervyn Cohen, the company's chief financial officer, has been appointed interim CEO, and Breville has begun what a company statement termed "a global search" for Lord's successor. Cohen will continue to fulfill his responsibilities as chief financial officer during the search period.
Lord was promoted to CEO in 2012. Prior to that, he was group general manager of product and marketing. In the statement, Steven Fisher, Breville's chairman, thanked Lord for his contribution to Breville during his five years with the company.
Fisher also said Breville's business is becoming increasingly global and "the board is determined to have the best leadership in place to deliver the company's global growth strategy. The board is particularly focused on further leveraging Breville's infrastructure and know-how across all regions, with a view to maximizing revenues and building efficiencies in every market Breville chooses to enter."
Breville also announced its financial results for the fiscal year ending on June 30. The company reported net profit after tax of A$48.8 million (about $46 million), a decline of 1.9 percent. Total revenue for the year came to A$539.9 million (about $508 million), up 11.3 percent.