CPA Australia chief executive Alex Malley to step down … Metcash profit down 20% … Green with Envy fashion chain closes
Monday, June 26, 2017/
By Dominic Powell and Emma Koehn.
CPA Australia has ended the contract of its chief executive Alex Malley, after facing months of criticism over his $1.8 million salary and use of the company’s marketing budget.
Additionally, more than half of the organisation’s board has resigned, and an independent review of its affairs has been announced.
CPA’s chief operating officer Adam Awty will act as interim chief executive as the organisation searches for Malley’s replacement. Malley has been paid $4.9 million on the termination of his contract, reports the ABC.
“At its meeting today, the board decided to terminate Alex’s contract in order to allow CPA Australia, CPA Australia staff and Alex to move forward,” CPA Australia chairman Jim Dickson said in a statement on Friday.
“Alex’s legacy is an organisation with a global footprint and an ambitious outlook. We know that he will be very much missed by his colleagues and friends at CPA Australia. The board intends to commence a thorough executive search process for a new chief executive.”
Metcash full-year profits down 20%
IGA supermarkets owner Metcash has announced its chief executive Ian Morrice will step down from the role after a new successor is found, with the company’s full-year profit for 2017 dropping 20%.
Metcash’s reported profit after tax dropped from $216.5 million in 2016 to $171.9 million in 2017.
In comments on the business’s full year results, Morrice spoke to tough competition and economic conditions in Western Australia as having an impact on sales at IGA but says the business has seen better numbers in its food and liquor holdings.
Green With Envy to shut up shop
Australia’s challenging retail sector continues to affect women’s fashion retailers, with Melbourne-based chain Green With Envy announcing it will be closing its doors.
Fairfax reports the fashion brand let its customers know via an email to its mailing list on Friday morning, stating it was “the end of an era”.
“After 18 years, Green with Envy is closing its doors! Everything is now 50 per cent off,” the email said, reports Fairfax.
The closure comes in the wake of analysts declaring Australia’s retail market was “on the verge of recession” thanks to poor spending figures for March.