Pumpkin Patch CEO resigns, Australian sales down, US stores close
kids apparel brand pumpkin patch has announced the resignation of its chief executive officer (ceo) maurice prendergast, who will maintain links with the company via his role as director and shareholder.
prendergast will now focus on other business and personal opportunities but will remain in the top job until the end of the year. he first began working with the company in 1993 and along with chrissy conyngham is responsible for its expansion into australia and more recently the uk and us.
chairperson jane freeman says he helped make the company what it is today.
“maurice has been the driving force behind the transformation of pumpkin patch from a small new zealand mail order business to a truly international childrenswear business trading in many diverse markets around the world,” she says.
“what he has done for the business over the last 18 years is remarkable and the board wishes to acknowledge his contribution and dedication to pumpkin patch. fortunately with him staying on as director we have not lost his vast experience and knowledge of the business.”
prendergast believes he will leave the brand with the right team which includes current chief operating officer neil cowie who has been appointed ceo designate.
“while the decision has not been easy to make i know i leave the business in good hands, both neil’s and the executive team that will be supporting him into the future,” he says.
“even though the current trading environment is tough, the company has some very exciting opportunities on the horizon and is well positioned to take advantage of those. i look forward to working with neil during the transition phase and continuing to support him and the wider pumpkin patch team in my role as director and shareholder.”
this comes as the brand released its financial results for the 2010-2011 financial year, which show australian sales were down eight per cent to $144.8 million, with much of the drop in the first half of the year. pumpkin patch also revealed the closure of all company operated stores in the united states, while stores in the united kingdom will be reviewed and stores shut down if they are running at a cost.
the online business however was identified as one of the brand’s successes of the year.
“our online sales were up significantly and we saw good growth across both local and international markets. the sites are amongst the most visited in australasia and we have a very large customer database that we intend to make better use of. we are currently investigating a number of initiatives to leverage off our existing online capabilities to grow existing markets to develop new online opportunities,” prendergast adds.
