Bathroomware group Italtile says current CFO Brandon Wood will be appointed COO and will remain an executive director, while Lamar Booysen, current group finance executive, will be appointed CFO and executive director.
The board said the appointments were aligned with the group’s long-standing succession plan and ongoing strategy to enhance depth of management in the business.
Wood was appointed CFO in 2013, and from 2018 he served as executive director for commercial and supply chain, and executive director for retail, before being reappointed as CFO in 2020.
Over the past 18 months, he has also overseen the transition of the group’s Ezee Tile business to a new facility and management team.
In his new role, Wood will provide operational support to the CFO.
Booysen, who holds a CA (SA), was appointed as group finance executive in 2023. Prior to joining Italtile, he held senior financial positions in the telecommunications industry. He completed his articles at PwC in 2013.
Having worked closely with Wood over the past year, he is well positioned to assume his new responsibilities, the board said.
Italtile recently reported that headline earnings per share (HEPS) were down 15% to 67.2c for the six months ended December as trading conditions remained challenging and competition was intense in the industry.
Its profit after tax declined to R836m from R982m in the previous period. In its outlook, Italtile said it would focus on growing volumes and optimising capacity utilisation to improve its efficiencies and to drive up profitability.
It expects margin pressure to intensify.
“Strategically managing margin and improving efficiencies including enhancements in productivity and cost leadership will remain key priorities,” it said.
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