Company chair Peter Schuyt announced today that Humphries’ resignation will be effective from November 4. He says she has advised the board that she is committed to the business through to her final date with Pumpkin Patch, and will then focus on her future career goals.
In response to the announcement, Pumpkin Patch’s shares fell by 17 percent, coming back to less than 20 cents.
In Pumpkin Patch’s announcement, Humphries was quoted as saying she had enjoyed putting in place the changes necessary to stabilise the company and create a competitive business.
“I believe now is an appropriate time for a new CEO to take the company through the next stage of the business improvement process,” she says. “Good progress has been made on product design, supply chain improvement, brand positioning and laying the foundations for the business transformation program.
“A continued focus on these areas remains critical to the ongoing improvement of the company.”
Humphries had been with the company for two years.
Schuyt paid tribute to the progress made under her leadership, saying Pumpkin Patch was starting to show improvements in its underlying retail performance and balance sheet in terms of inventory and debt levels.
“Di inherited a company that required, and still requires, major changes across all parts of the business,” Schuyt says. “Those changes have progressed in a very demanding and challenging business environment and we want to acknowledge the huge commitment that Di has made, and continues to make, to the role of CEO and the company.”
The board is now seeking a replacement chief executive.