Join our daily newsletter At The Bell to receive exclusive market insights
- GALE Pacific (GAP) relocates the role of chief financial officer (CFO) to the US to help accelerate growth in the Americas
- As a result, GAP’s current CFO Domenic Romanelli will leave the company at the end of September
- The search for a replacement leader in the US is already under way
- GAP has posted an unaudited profit before tax of $17.2 million, at the upper end of its guidance, ahead of full-year results to be released later this month
- Shares have closed down 3.85 per cent at 50 cents each on August 10
GALE Pacific (GAP) has announced plans to relocate the role of chief financial officer (CFO) to the United States in line with its strategy to accelerate growth in the Americas.
Founded in Melbourne, the ASX-lister manufactures technical fabrics used for consumer products, including shade structures and sails, as well as commercial items such as knitted, coated and advanced polymer fabrics.
As a result of the decision, current CFO Domenic Romanelli will leave the company, effective from September 30.
GAP said the search for a replacement US-based leader was well under way, with the company anticipating a smooth transition.
GALE Pacific CEO and Managing Director John Paul Marcantonio said Mr Romanelli had played a central role in helping deliver on opportunities during a challenging two-year period.
“I want to thank Dom for his partnership over his tenure at GALE Pacific and, together with my co-directors, wish him the very best in all his future endeavours,” he said.
“The size, scale, and overall market potential for our business in the US make it our largest global growth market for the foreseeable future.
“Having our CFO based in this market will better enable our company to achieve its growth ambitions over the coming years.”
GAP has announced an unaudited profit before tax of $17.2 million for the 2021 financial year. This falls at the upper end of the company’s guidance range of between $15.8 and $17.8 million.
GALE will release its full-year financial results on August 24, ahead of an investor call on the same day.
Shares in the company closed down 3.85 per cent at 50 cents each on August 10.
