Mohawk to acquire NZ carpet maker Bremworth
Premium wool carpet maker Bremworth is being sold to the world's largest flooring company.
The new Bremworth board has appointed carpet industry expert Craig Woolford as interim CEO on a 12-month contract while the search for Smith’s successor is underway.
While these changes effect from Friday, 11 April, Smith will remain with the company until April 30 to assist with the orderly transition of duties.
In a statement to NZX, Bremworth says during his tenure, Smith led the company’s transformational natural fibre strategy, which saw Bremworth align itself with New Zealand’s farming sector by moving to the production of wool carpets and rugs.
Smith also introduced world-first 10-year strong wool contracts, spearheaded sustainability initiatives, expanded Bremworth’s direct-to-consumer eCommerce business and successfully negotiated a $100 million insurance settlement following the country’s costliest non-earthquake natural disaster, Cyclone Gabrielle.
Smith says he has been privileged to lead the iconic Kiwi brand during a pivotal period in its 60-year history.
“Bremworth’s culture is built on talented craftspeople who are true experts in their fields. I’ve been continually inspired by the team’s dedication to creating the best products, which is the hallmark of this business.
“With a new Board focused on sustained growth, I’m confident Bremworth is poised to realise its full potential. I’m also looking forward to the next chapter in my career,” he says.
Newly appointed Bremworth board chair Rob Hewett acknowledged the challenges faced under Smith’s leadership.
“Greg’s tenure coincided with significant headwinds, including the COVID-19 lockdowns, significant damage to Bremworth’s Napier yarn plant caused by Cyclone Gabrielle and one of the deepest domestic economic downturns in decades. Throughout these challenges, he has led with a people-first approach, empowering individuals and teams to push forward and achieve the company’s objectives.
“The board extends its gratitude to Greg for his leadership, determination and unwavering positivity in service to Bremworth and wishes him all the best for the future.
“With a clear strategy and strong foundations in place, the company is well-positioned to increase its share of the flooring market and return strong value for its shareholders,” says Hewett.
Woolford says he is committed to supporting Bremworth through this transition period.
“Bremworth has a reputation as an innovative and values-led New Zealand business. I’m looking forward to working with the team to maintain momentum, support our people, and deliver on the strategic priorities already in motion.
“The business is in a positive position, and I’m committed to ensuring continuity while helping pave the way for its future success,” he says.
Unhappy Bremworth shareholders succeeded last month in forcing out most of the company's directors.
The current chair of meat company Silver Fern Farms, Rob Hewett, headed the rebel group which claimed the outgoing directors had failed to grow the company or deliver value for shareholders.
The group has negotiated a transfer of power with three current directors being replaced by Hewett allies, and two of the current board including chair George Adams, being retained.
