After more than 7 years at the helm of Australia’s Ecofibre (ASX:EOF) as Managing Director and CEO, Eric Wang has called it a day.
On Wednesday, Ecofibre announced Mr. Wang had tendered his resignation, which the Board accepted – effective immediately.
Mr. Wang joined Ecofibre in 2016 when the company had annual revenues of under $100,000. Under his leadership, revenues peaked at $50 million. But the company’s fortunes have somewhat faded since due to various challenges; including COVID-19.
In his speech at the Ecofibre AGM held only a week ago, Mr. Wang acknowledged the ongoing difficulties the company has been facing.
“The last several years have been financially challenging, and I have tested shareholders’ patience,” he said. “However, I assure you that you have a highly committed management team with skin in the game focused on delivering our positive cash flow plan and regaining your trust and confidence.”
Mr. Wang certainly had skin in the game – and literally as well. A few years back, he reportedly had the logo of Ecofibre’s Hemp Black industrial textile division tattooed on his chest. That’s commitment.
Mr. Wang’s comments on his resignation in the company’s announcement on Wednesday were short and sweet.
“I would like to thank all of my fellow shareholders, staff and leadership team, and Directors for all of their support and commitment over the past seven years,” he said.
Ecofibre Chairman Vanessa Wallace will act as interim managing director and CEO while the firm undertakes a comprehensive search for a replacement. Commenting on Mr. Wang’s resignation; Ms Wallace stated:
“I would like to thank Eric for his unwavering commitment and drive for Ecofibre and its shareholders in building and growing this Company.”
It’s not clear what Mr. Wang’s next adventure will be – or whether he’ll be seeking to have his Hemp Black tattoo removed.
Ecofibre operates three vertically integrated businesses. One is focused on sustainable polymers and natural materials (Hemp Black), another on natural health care (Ananda Health), and the other on plant-based foods and genetics (Ananda Foods).
The company also owns a majority interest in a pharmaceutical firm that is currently developing treatments for malignant and non-malignant gynaecological diseases through an active research partnership with Australia’s University of Newcastle.