Retirement of Mr Wayne Chung from his executive role and appointment of Mr Colin McKenzie to the position of Chief Executive Officer
Cavalier Corporation advises that Chief Executive Officer and Managing Director, Mr Wayne Chung, will be retiring from his executive role and that the Board of Directors has appointed Chief Operating Officer, Mr Colin McKenzie, as Chief Executive Officer Designate.
Mr Chung will remain in his existing executive role until 15 March to enable the complete transition of duties to Mr McKenzie, and thereafter will sit on the Board as a non-executive director.
Mr Chung has been responsible for a number of significant initiatives during his eight years as CEO and MD and the Board takes this opportunity to acknowledge Mr Chung’s contribution and to thank him for his leadership and dedication to the Company.
The Board is particularly pleased that Mr Chung has agreed to continue in a non-executive capacity and hence will be able to contribute from the considerable experience and knowledge he has amassed during his almost 40 years in the carpet industry in a mentoring and supporting role.
Mr McKenzie joined the Cavalier Bremworth broadloom carpet operation as General Manager Manufacturing in February 2003 before being appointed Group General Manager Operations in 2005 and Chief Operating Officer of the Company in 2008.
Mr McKenzie’s appointment as Chief Executive Officer has been the result of a robust succession programme aimed at developing high-calibre executives for key roles within the Company and will enable the Company to continue to pursue and develop, in a coordinated and measured manner, the strategies formulated when Mr Chung was CEO and MD.
In anticipation of the eventual appointment of Mr McKenzie as Managing Director, the Board will also be appointing Mr McKenzie to the Board of Directors with effect from 15 March and look forward to introducing him to shareholders at the Annual Meeting of shareholders in November.
Pursuant to Listing Rule 3.3.3 (b), Cavalier Corporation further advises that the Board has determined that Mr McKenzie will not be an Independent Director by virtue of his position as an executive officer of the Company.
For and on behalf of the Board of Directors
16 January 2012
For more information regarding this announcement, please contact Alan James on 021 732 245 or Wayne Chung on 021 772 277.