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Ontex Group NV (OTC-PINK: ONXYY) has announced changes to its Board of Directors, including the resignation of independent director Regi Aalstad and Aldo Cardoso, effective January 1, 2023. The Board has opted for a smaller composition to enhance strategic execution following the appointment of CEO Gustavo Calvo Paz. The Strategy Committee, formed in April 2021 to redefine the company's direction, has also been dissolved. Chairman Hans Van Bylen emphasized the ongoing commitment to the strategy initiated in late 2021, which has progressed successfully in 2022.
Positive
Smaller Board composition aims to accelerate strategy execution.
Dissolution of the Strategy Committee could streamline decision-making process.
Negative
Resignation of two directors raises concerns about continuity of governance.
Ontex Group NV (Euronext: ONTEX, “Ontex” or the “Company”) today announces changes to its Board of Directors and the dissolution of the Strategy Committee.
Following the appointment of Gustavo Calvo Paz as CEO of the Company and his resignation from the Board of Directors on November 9, 2022, the Board has reviewed its size and composition. It concluded that a smaller Board would better serve its aim to support the acceleration of the execution of the Ontex strategy.
To that effect Mrs. Regi Aalstad, independent director, and Mr. Aldo Cardoso, a director who was appointed upon proposal of GBL, have decided to step down from the Board of Directors with effect as of January 1, 2023.
Following the renewed strategy announced at the end of 2021, and its successful initial deployment in 2022, the Board of Directors also decided to dissolve the Strategy Committee it established in April 2021 as a temporary committee to support the re-definition of the Company’s strategy.
Hans Van Bylen, Chairman of the Board, declared: “We are committed to the execution of the strategy we presented at the end of last year, which is now well under way. On behalf of the Board, I would like to warmly thank Regi Aalstad and Aldo Cardoso for their many years of commitment to the Board of Ontex and their contribution to shaping the new strategy and culture and bringing Ontex to this stage of its governance and business and people development.”
About Ontex
Ontex is a leading international provider of personal hygiene solutions, with expertise in baby care, feminine care and adult care. Ontex’s innovative products are distributed in more than 110 countries through leading retailer brands, lifestyle brands and Ontex brands. Employing some 9,000 people all over the world, Ontex has a presence in 21 countries, with its headquarters in Aalst, Belgium. Ontex is listed on Euronext Brussels and is part of the Bel Mid®. To keep up with the latest news, visit ontex.com or follow Ontex on LinkedIn, Facebook, Instagram and YouTube.
What changes were made to Ontex Group's Board of Directors?
Ontex Group announced the resignation of independent director Regi Aalstad and Aldo Cardoso, effective January 1, 2023, aiming for a smaller Board for better strategic execution.
Why was the Strategy Committee dissolved at Ontex Group?
The Strategy Committee was dissolved as the Board concluded that its objectives were met with the successful initial deployment of the renewed strategy announced at the end of 2021.
Who is the current CEO of Ontex Group?
Gustavo Calvo Paz is the current CEO of Ontex Group, having been appointed before the recent changes to the Board.
What is the significance of the Board changes for Ontex Group's investors?
The changes aim to enhance the strategic focus and execution, which may positively impact the company's performance and shareholder value.
