Former Kresta chief executive Jules Di Bartolomeo. Picture: Simon Santi/The West Australian.
Former Kresta chief executive Jules Di Bartolomeo. Picture: Simon Santi/The West Australian.

Kresta's new Chinese shareholders have swung the axe at the window furnishings company with chief executive Jules Di Bartolomeo departing and being replaced by the chairman of Aplus, Xianfeng Lu.

Aplus is the trading name of Ningbo Xianfeng New Material, whose wholly owned subsidiary Suntarget (Hong Kong) Trading Company recently became a 14 per cent shareholder in Kresta.

Along with an associated individual investor, the pair has a combined 36 per cent stake.

Kresta said Mr Lu founded Aplus in 2003 and built it into a manufacturer of fabric used in indoor and outdoor settings that exports to 70 countries.

The company employs 800 staff and is listed in Shenzhen, China.

Kresta said Mr Lu had largely freed up his involvement in Aplus and could apply his main focus on growing the Kresta operations.

The company also announced Robert Farrar would step into a newly created role of managing Kresta's Eastern States operations.

Mr H Siswandjo today became an alternate director for Mr Farrar.

"Mr Farrar has had many years experience in general management, was the owner of the successful blind and outdoor awnings business "Supershades" and is an experienced trainer and product innovator in our industry," the company said.

"Our staff at Kresta have been very supportive with the approach to date of driving efficiencies and profitability.

"While this approach will continue, there is currently under way a full review of our strategic operations and there is a desire to invest and position the company for growth."

Kresta shares were off one cent, or 5.88 per cent, to 16 cents at 10.30am.

The West Australian

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