Elixinol Wellness has named Gavin Evans as its new non-executive chair, replacing David Fenlon with immediate effect.
The appointment follows the resignation of Fenlon after a little over two years in the role. He joined the board in March 2022 before stepping in as chair in September 2023.
No reason was given for his departure.
Elixinol said Evans possesses extensive experience in building profitable, vertically integrated food and wellness businesses, having founded health food manufacturer Openway Food in 2021.
He has been supporting Elixinol as a strategic advisor in recent months in areas such as M&A, brand building and supply chain optimisation.
Evans said: “I have seen enough to be increasingly confident that we can deliver a sustainable and profitable business for our shareholders. Once that stable platform is established, it will generate opportunities to scale the business from a strong and disciplined foundation.”
Chief executive and board member Natalie Butler said Evans has “hands on” industry experience that will “support our focus on operational discipline and profitable growth”.
The board thanked Fenlon for his contribution and leadership “during a period of operational reset and strategic repositioning”.
Earlier this month, Elixinol reported Q3 revenue of A$3.8 million, broadly in line with the prior year, while operational cash outflows totalled $1.3m and cash at bank stood at $0.4m.
Amid questions from the ASX about its financial position, Elixinol told the market it expected cash outflows to improve in Q4 as margins and EBITDA strengthened through organisational restructuring, overhead reduction, and SKU rationalisation.