The Blackmores Limited (ASX: BKL) share price has edged higher in morning trade after the health supplements company provided an update on its leadership changes.
At the time of writing the Blackmores share price is up 1.5% to $99.02
What did the company announce?
Late last month the struggling company revealed that its chief executive officer, Richard Henfrey, had announced his resignation after a little over 18 months in the top job.
At that point, Blackmores confirmed that Mr Henfrey would remain in the position whilst the board sought a new CEO.
This morning the company advised that this would no longer be the case and Mr Henfrey would be stepping down from his position on March 29 instead. No reason has been given for either his resignation or decision to step down earlier than expected.
In his place, executive director Marcus C Blackmore AM will step in as interim chief executive officer, effective April 1.
Marcus Blackmore is the son of company founder Maurice Blackmore and has served on its board since 1973. He will remain in the acting CEO role until the appointment of a new chief executive officer.
Chairman Brent Wallace appears to believe that the company is in safe hands during this interim period.
Mr Wallace said: "Marcus has a proven commitment to Blackmores and is a giant of the natural health industry. In this interim role, he will lead the work to streamline the company, to achieve ongoing success for our business, our people and our shareholders."
Should you invest?
It certainly has been a chaotic couple of months for Blackmores, but I feel confident that Marcus Blackmore will be able to steady the ship during this interim period.
It is, however, still too soon for me to consider an investment. Until the company returns to more consistent growth, I'm going to focus on investment opportunities elsewhere with the likes of A2 Milk Company Ltd (ASX: A2M) and Bellamy's Australia Ltd (ASX: BAL).
