07/04/2016 - 15:22

Kresta slashes executive ranks

07/04/2016 - 15:22

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Malaga-based window blinds manufacturer Kresta Holdings has scaled back its executive team with three roles being made redundant, while its chairman has taken a big pay cut.

Kresta slashes executive ranks

Malaga-based window blinds manufacturer Kresta Holdings has scaled back its executive team with three roles being made redundant, while its chairman has taken a big pay cut.

Kresta announced today its chief operating officer Sean Shwe had stepped down from his post after eight years in executive roles at the business, but would remain on the board as a non-executive director.

Albert Xu has resigned as chief information officer, a role he has filled since 2014, while chief financial officer Brendan Cocks has stepped down but will continue with the company as its secretary.

Kresta’s chairman and managing director, Xianfeng Lu (who is believed to be a billionaire), has retained his positions but his annual pay has been reduced from $350,000 per annum to just $60,000.

“The resignations are effective from today and the operational duties of the three executives will be split amongst existing staff initially while the board evaluates the most appropriate structure for the business moving forward in light of the recent changes,” Kresta said in a statement.

“The company would like to thank Mr Shwe, Mr Xu and Mr Cocks for their dedication to the company and wish them well for the future.”

Kresta recently reported a net loss of $2.6 million for the 12 months to December, a widening of its previous result, while revenue grew 2 per cent to $95.9 million compared with the previous corresponding period.

The company had $8.7 million cash in the bank as of December, with $7.8 million in debt.

Kresta shares were unchanged at 16 cents each at the close of trade.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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