Bellamy’s chairman Rob Woolley quits

Bellamy’s Australia chairman Rob Woolley (pictured) resigned from the company this morning, ahead of a meeting that is expected to result in changes to the board.

AAP reports that, at that meeting, the infant formula maker’s shareholders will vote on a board spill led by Kathmandu founder Jan Cameron. It is expected that three directors will be the targets of the meeting.

As the AFR reports, former Virgin Australia director David Baxby is a potential replacement for Woolley.

New Chinese regulations have dramatically lowered the company’s sales in China, and its shares have fallen sharply. Previously, booming demand in that country had seen its share price soar.

On January 12, the company ended a 40-day trading halt and also announced a cut to its profit guidance for the next six months.

Shares in Bellamy’s last traded at $4.27.

Image: Bellamy’s

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