Temple & Webster unveils new team

By Lilly Vitorovich

Temple & Webster has unveiled board and management changes, less than a month after the loss-making online furniture and homewares retailer issued a profit warning.

The company - which made its debut on the Australian bourse in December - said its chief financial officer Deborah Kelly has resigned, effective March 31, to take on a senior role with a former client.

In the interim, chief executive Brian Shanahan will assume responsibility for the CFO role.

Mark Coulter, an original co-founder of Temple & Webster, has also been appointed as chief operating officer.

Meanwhile, the former chief executive of furniture company Fantastic Holdings, Stephen Health, has joined the board as non-executive director.

Temple & Webster said the changes will strengthen the skill set within the company to "ensure the current business plans are executed to capture the significant opportunities ahead of the group".

Mr Shanahan said the changes give him "even more confidence in bringing forward our breakeven point, while still delivering a high growth company".

The news helped lift Temple & Webster's shares 2.5 cents, or 10.6 per cent, to 26 cents in a lower Australian market. Still, the stock is trading well below its IPO price of $1.10 a share.

Temple & Webster's shares more than halved on February 25, wiping around $45 million off the company's market value, after it warned it would miss its annual revenue and earnings forecasts.

While shoppers had been spending more money on its website, the company had failed to attract new customers.

Temple & Webster forecast that annual revenue would be up to 10 per cent below the $76.2 million forecast in its prospectus. Its $8.5 million underlying loss could also blow out by up to $5.5 million.

At the time, Mr Shanahan said the company would fine tune its marketing spend, customer acquisition channels and product mix during the second half to improve its new customer and sales performance.

He also said the company would break even in 2018.