This article is from the Australian Property Journal archive
SIMONDS Group has announced the departure of three executives including CFO Robert Stubbs and Chris Troman, CEO of the Simonds Home business, who has been made redundant following an internal restructure.
Simonds has appointed Mick Myers and Joanne Barber to the roles of CFO and chief HR officer respectively, following the resignations of Robert Stubbs and Michael Gerolemou.
Myers has over 25 years experience working in publicly listed and private companies, the last 10 spent in finance executive and CFO roles with Toll Group, MMG Limited, OZ Minerals Limited and Zinifex Limited.
Barber spent eight years as general manager, HR at Transurban Limited.
Meanwhile following an internal restructure, Chris Troman, CEO of the Simonds Homes division has been made redundant and his responsibilities will be assumed by CEO Matthew Chun.
Simonds has also appointed Andrew Shea as acting CEO of Builders Academy Australia, following the resignation of Gerard Healy.
Meanwhile the company announced that site starts for Simonds Homes for the four months to 30 April 2016 total 929 and inventories have increased by approximately $20 million.
News of the restructure boosted Simonds share price, which jumped 26.67% or 4 cents to close at 19 cents yesterday, an improvement from the 52-week low price of 14.5 cents. Despite the increase, it remains significantly below Simonds IPO price of $1.78 only 18 months ago.
Last month, a boutique investment firm run by Melbourne blue-blood family member Sam Ballieu offloaded its stake in Simonds.
Copia Investment Partners declared it is no longer a substantial shareholder after selling its remaining interests in Simonds for 28 cents per share.
Australian Property Journal
