21 Mar 2013

Rick Fala to quit Methven leadership

6:52 pm on 21 March 2013

The managing director of tap and showerware maker Methven will step down at the end of September.

Rick Fala has led the company since 1998 and says it is time to hand over reins to fresh leadership though he will remain on the board.

Last month, Methven issued a profit downgrade saying it expected its full year result to be below last year's $6.5 million dollars due to weak trading conditions in Australia and unbudgeted costs for a potential acquisition opportunity.

The company's shares fell 3 cents to close at $1.30 each on Thursday, after hitting a year high of $1.50 each on 8 February.

It had previously issued guidance of full year profit growth on the prior year along with reduced debt.