Oroton CEO steps down, dumps Rose Byrne as brand face
After a devastating double-digit net profit slump in the first-half of the fiscal year, Australia's Oroton Group has bid adieu to CEO Mark Newman.
Newman, who has been Oroton Group's CEO and managing director for the past four years, stepped down immediately from his post on Tuesday and will be replaced by director Ross Lane, who will serve as interim CEO.
The CEO's departure follows a dire result in the six months ending January, when Oroton Group's net profit slumped 52% to $1.8 million following a 10 per cent drop in group sales to $67.1 million.
A former Richemont executive, Newman took over them helm in 2013 after running Oroton Group's Polo Ralph Lauren unit for three years, which has now ceased. In recent months, he was tasked with revitalising Oroton's management of Gap store sales in Australia, as well as Oroton's leathergoods and accessories lines, which were hit hard by better known rivals Michael Kors and Kate Spade.
Lane, an Oroton Group non-executive director and major shareholder, has previously served as managing director of Oroton Group from 1996 to 2006.
In other news, Oroton Group has also replaced its campaign face Rose Byrne. The Australian actress has fronted the Oroton brand for the last three years, with an Oroton Group spokesperson confirming Byrne's contract would not be renewed.
The group will “transition away from Rose Byrne to younger influences — [at a] lower cost," it said, in a statement.
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