Wellington, New Zealand, June 24--Feltex Carpets Ltd.'s chief operating officer will depart the company following its second hefty profit downgrade since listing a year ago, the National Business Review reported Friday.
The newspaper, citing an unnamed analyst who attended a presentation by the New Zealand-based carpet-maker Monday, said Feltex's board has lost confidence in John Kokic.
The report added that Tim Saunders, Feltex's chairman, won't confirm if Kokic is leaving.
However, Saunders said that Des Tolan, the company's chief financial officer, will stay.
Feltex said Monday that its net profit for the fiscal year to June 30 is likely to be about half of what it projected in its prospectus when it listed on the New Zealand stock exchange a year ago.
It was announced Monday that the company's chief executive will step down later this year. The company is conducting a wide-ranging review of its operations and senior management team.
