Milk formula play Keytone loses chairman two months after ASX debut
Dairy newcomer Keytone has lost its chairman two months after listing.
Bernard Kavanagh, an ex-Warrnambool Cheese and Butter Factory and Saputo exec, has left his $150,000 a year role, the company announced today.
He’ll be replaced by Peter James, an IT executive who has three other current chairmanships of listed tech plays including Nearmap (ASX:NEA), DroneShield (ASX:DRO) and Macquarie Telecom (ASX:MAQ).
Stockhead is seeking comment from Keytone (ASX:KTD).
In a statement, Mr Kavanagh said he had “several important commitments” outside Keytone to focus on.
Managing director James Gong said they were grateful for the former chair’s work in helping to scale the company in 2018 and list it.
Keytone is a New Zealand-based milk powder maker which has set its sights on supplying the Chinese market.
It listed in July, almost doubling its 20c issue price on its first day. The stock surged in August to an 84c high and has since fallen back.
It fell 4.3 per cent on the news of Mr Kavanagh’s departure to 56c.