Interim CEO

NZX Code: ATM
ASX Code: A2M

The a2 Milk Company Limited
www.thea2milkcompany.com

9 December 2019
NZX/ASX Market Release
Interim CEO

The Board of The a2 Milk Company Limited is pleased to advise that former Managing Director Geoffrey Babidge
has agreed to assume the position of Interim CEO.

The Company is fortunate that Geoffrey, who has an intimate knowledge of our business and the markets in
which we operate is available to step into this role.

As advised in the prior announcement, the Board will commence an international search for a full time CEO
immediately and hope to make an appointment before the end of FY20.

On his appointment Geoff Babidge said: “I am delighted to be able to contribute to The a2 Milk Company’s
continued success in any way I can. I recognise the positive changes that Jayne has brought to the business and
will continue to pursue the strategies and plans developed by management and agreed by the Board.”

Chairman of the Board David Hearn said: “The appointment of Geoffrey Babidge will ensure that the current
strategies and plans endorsed by the Board will continue to be implemented seamlessly during the period of
transition to a new CEO.”

Notwithstanding this announcement, the Board fully endorses the current growth strategy of the Company which
will remain unchanged. The Company reaffirms the Outlook as advised at the annual meeting on 19 November
2019 which included:
• Full year EBITDA margin % anticipated to be stronger than previously communicated and in the range
of 29-30%;
• 1H20 revenue in the range of $780 million to $800 million with growth demonstrating strong
performance against strategy;
• 1H20 EBITDA margin % expected to be higher than FY20 and in the range of 31-32%.

Mr Hearn said: “In addition during Geoff’s tenure as Interim CEO, Mr. Jesse Wu, our China based Non-Executive
Director, will assume an direct oversight role of the a2 China business to support the China management team in
delivering an effective and efficient execution of the recently developed China investment plan.”

David Hearn
Chair
The a2 Milk Company Limited

Further information:
Rick Willis
Email: rick@networkfour.com.au
Mobile: +614 839344