Martin Hosking has stepped down from his role as CEO and managing director of Redbubble after eight years on the job.
The co-founder and chief executive of the global marketplace for independent artists will be stepping down from his role, effective as of August 1, 2018. Barry Newstead, Redbubble’s current chief operating officer will reportedly step into the role after Hosking’s retirement.
Announcing the CEO transition in an investors announcement, Board Chairman, Richard Cawsey said that Hosking has been integral to the development and success of the online platform.
“Since co-founding Redbubble in 2006, Martin and his leadership team have delivered year after year of outstanding growth,” he said. “From the beginning, Martin has been clear Redbubble was established for the long-term. He has helped to ensure its governance and operating structures will endure and support a vision larger than any one individual.”
Cawsey is also confident the business is well positioned for future growth, as artists and consumers alike continue to utilise the platform’s niche product offerings.
“Few Australian companies are so well positioned for future impact. Martin’s work has had an impact on hundreds of thousands of artists worldwide and he has assembled and inspired an immensely talented team embodying the values of the company.”
The board is also confident that Newstead will have a smooth transition from COO to CEO, praising his “exceptional leadership” over the last five years, making special mention of his recruitment processes, which have reportedly seen him hire the company’s core leadership team.
“The board believes Barry’s appointment reflects the strength of the company’s succession planning and the quality and depth of its management team,” Cawsey said.
Hosking has echoed the board’s confidence in the decision to appoint Newstead as the new head of Redbubble, saying he is largely responsible for the businesses success.
“I have worked with Barry for five years and attribute much of Redbubble’s success to his leadership. He will be familiar to many investors, bringing the strategic vision and operating depth the company needs as it seizes the disruptive opportunity of global on-demand retail,” Hosking said.
Since listing on the ASX in May 2016, Redbubble has reported strong financial results, experiencing a 61.2 percent growth year on year for its full-year revenue in 2016, and a gross profit of $39 million.
The company’s share price has also risen substantially from its original listing price of $1.33 in May 2016, hitting a high of $2.07 earlier in the year, before plateauing at $1.58 on Wednesday.
After he leaves his head post at the start of August, Hosking will continue on as a non-executive director and shareholder at Redbubble.