Todd resigned in July due to unforeseen personal health reasons. He agreed to remain in the position until a replacement was appointed and offered his services in an advisory capacity.
Khosla becomes interim CFO after two and a half years as head of investor relations at the retailer. He will serve in the temporary role while Jumbo undertakes a review of its global finance and support services.
Prior to joining Jumbo, Khosla worked as executive manager of investor relations at Suncorp Group. He was also spent time as the principal consultant of strategic development at UnitingCare Queensland.
Earlier in his career, Khosla also worked in various roles at Prudential, Friends Life Group and FKP.
“I congratulate Jatin on his appointment,” Jumbo CEO and founder Mike Veverka said. “I welcome him to the KMP team and look forward to working together to build on Jumbo’s success.
“Jatin has demonstrated a strong understanding of Jumbo’s operations and has strong relationships with the external market. With David’s resignation he has big shoes to fill, however I am confident he can bring his own brand of skill and energy to the role.
“I also wish to thank David for agreeing to work closely with Jatin to ensure a smooth transition and wish him the very best for the future. He’s earned it.”
Record FY23 for Jumbo
The appointment comes on the back of Jumbo in August reporting record results for its 2023 financial year. The retailer posted a year-on-year increase in revenue and earnings despite having to contend with what it described as “volatile” jackpots.
During the 12 months to 30 June 2022, only five jackpots were greater than AU$50.0m. This, Jumbo said, was significantly less than 13 in the previous year creating less incentive for players to buy tickets.
However, group revenue for the full year reached $118.7m, up 13.9% higher than the $104.3m in the previous year. Lottery drew the most revenue, generating a total of $91.3m during the year.
Bottom-line net profit reached $33.7m, a 7.2% increase from $31.5m in FY22. In addition, EBITDA climbed 7.6% to $58.1m.