Rob Woolley has resigned as chairman and as a director of the Bellamy’s board.
The announcement came as shareholders prepared to vote on a board spill motion at an extraordinary meeting in Melbourne today.
The infighting among shareholders follows the sudden end of the stellar growth in sales of the company’s organic baby formula to China.
The fallout claimed the scalp of CEO Laura McBain and stripped millions of dollars from the market capitalisation
Disgruntled shareholders, led by Kathmandu founder, and substantial shareholder, Jan Cameron, are demanding the current directors stand down and be replaced.
Shareholders will vote on a spill motion at a meeting in Melbourne today.
Earlier this month Bellamy’s posted a 47% drop in first half profit to $7.236 million following problems with sales of its organic infant formula in China.
Revenue dropped 12.5% to $118.3 million for the six months to December.
The company expects full year revenue to be in the range of $220 million to $240 million, at best flat on 2015 and well below previous analyst expectations of about $330 million.
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