Todd exits as CFO of Jumbo Interactive
Todd will resign due to unforeseen personal health reasons but will remain in the position until a replacement is appointed.
Long-serving Todd joined Jumbo as CFO in October 2007 and has held the role ever since.
Prior to this, he was CFO at Flextech and relationship executive for corporate banking at the Commonwealth Bank of Australia. In addition, he had a spell as business and commercial manager at Westpac New Zealand.
Jumbo has already launched a recruitment process and are considering both internal and external candidates. The board expects to announce a replacement before the end of the calendar year.
After a new CFO is appointed, Todd will serve in an advisory capacity for as long as required.
“David has made an enormous contribution to Jumbo’s success over the past 16 years,” Jumbo chief executive and founder Mike Veverka said. “He has played an integral role not only as CFO, but also as a valued member of the KMP and the Jumbo family.
“His invaluable insights, incomparable work ethic and unwavering commitment to the team are an inspiration to all of us. The board, management team and all our people within Australia, Canada and the UK wish him and his family the very best for the future.
“Dave continues to be supported by a high performing and experienced team, with key members of the finance leadership team having been in their roles for over 15 years. In true Dave-fashion, he has agreed to assist us to make sure the transition to the new CFO is as seamless as possible.”
Full year results due
The resignation comes as Jumbo prepares to announce its full-year results. The retailer is due to post the figures on 25 August.
Jumbo enjoyed a successful first half, during which both revenue and net profit increased year-on-year. This, the group said, was down to its acquisitions of Stride Management and StarVale.
Revenue for the first half amounted to AU$62.4m, up 18.1% year-on-year. This included some $50.1m in lottery retailing revenue and $23.3m in software-as-a-service revenue.