Were results a bitter pill?

Health supplements and vitamins company Blackmores is looking to appoint a new CEO following the sudden announcement of the resignation of current CEO Richard Henfrey.

Blackmores indicated Mr Henfrey would remain in the role while the board searches for a replacement but did not go as far as to offer an explanation for Mr Henfrey’s resignation.

Mr Henfrey replaced Christine Holgate when she departed to Australia Post, and has been Blackmores CEO for 18 months. He performed a number of executive roles ahead of his appointment as CEO in August 2017.

His resignation has come at a time when Blackmores shares have taken a significant hit following the announcement last week of disappointing half-year results.

At that time Blackmores share price fell 29 per cent over two days, a drop that may be related to the vitamins and supplements company’s revelation that its sales in China had dropped about 11 per cent.

Blackmores also warned investors not to expect improved sales to China over the next six months and said it had launched a review of its investment approach in that country.

With news of Mr Henfrey’s resignation, Blackmores shares fell 4.5 per cent to $90.76 at 3.15pm on Tuesday (February 26), down from the previous close of $95.20.