ASX-listed print business Ovato has replaced its chief financial officer Andrew Stedwell and promoted former GM of Finance Ian Jones to the role, effective 1 December 2021. Stedwell was appointed CFO in February 2021.
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| Ovato's Warwick Farm site in Sydney |
The move comes three months after Ovato posted a net loss of $67 million for 2021 - an improvement of $41 million on the previous year, as Covid continued to impact the company’s sales. Ovato recorded a Covid-related net loss of $108m for 2020 before announcing plans to cut 300 jobs and raise $40m in a major restructure of the company.
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| “His achievements have been valuable." Andrew Stedwell, outgoing CFO Ovato |
In an announcement to the ASX, Ovato said its current CFO Stedwell would depart the business at the end of November 2021.
“Andrew joined the business in February 2021 and was instrumental in the recent sales of Ovato’s magazine distribution and marketing services division,” said Ovato CEO James Hannan, who took over the top job after former chief executive Kevin Slaven announced in June that he was also leaving the company.
“The management and board thank Andrew for his contribution to Ovato in its business transformation and the recent sales of its non-core business,” Hannan said. “His achievements have been valuable and will be long lasting. I would like to take this opportunity to personally thank him and wish him all the best in his future endeavours.
“Andrew will be replaced by Ian Jones, the former GM of Finance, as part of the succession plan in place. Andrew has worked closely with Ian, who has over six years’ experience with the Ovato business.”
Jones will assume the role of CFO from 1 December 2021. Prior to joining Ovato in 2015, Jones worked as finance director for Penguin Random House and Pearson Australia. Prior to arriving in Australia in 2010, he held senior finance roles at UK television network ITV.
“He brings extensive knowledge of both financial and operational management of the Ovato print business to the position and will play an integral part in continuing to evolve and transform Ovato,” Hannon said.
Ovato last month revealed in a Jobkeeper Payments Notification to the ASX that it had received more than $28 million in jobkeeper payments over the past two financial years. Competitor IVE Group said it had received more than $33 million in jobkeeper during the same period.
Ovato (OVT) shares closed at .003 of a cent on the ASX yesterday, shortly after floating in 2001 they were $1.34.
