Cavalier's CFO Tan retires after 28 years
By Hannah Lynch
Aug 28 (BusinessDesk) - Cavalier Corp, New Zealand's only listed carpet marker, said its long-serving chief financial officer and company secretary, Victor Tan will retire after 28 years as a full-time employee.
Tan joined the Auckland-based company in 1984, the same year it listed on the New Zealand stock exchange. Tan will remain in both roles until a replacement is found and the "appropriate transition of duties can take place," the board said in a statement.
The process to replace Tan will get underway shortly. The board is in no rush to replace Tan due to his continued availability.
Last week, Cavalier turned to a full-year loss on costs to restructure its business in response to deteriorating trading conditions in New Zealand and Australia. The loss was $1.6 million in the 12 months ended June 30, from a profit of $18.2 million a year earlier. Sales fell 5 percent to $217 million.
Shares in the company are up 0.6 percent to $1.76 today. The stock has shed about 9.3 percent this year and is rated 'outperform' based on the consensus of three Reuters' analysts.