In a move that some industry spectators say represents much more than a routine management reshuffle, Vero CEO Duncan West will step down from his position on January 1 to take on the role of CFO of parent company Promina.

“I am pleased that we have someone of Duncan’s calibre to move into the important role of CFO,” Promina CEO and MD Mike Wilkins said. “I look forward to working with Duncan as the group continues to grow and build upon its successes.”

The decision to change Mr West’s role came after current CFO Harold Bentley announced he would retire on December 31.

Mr Wilkins says Mr Bentley has contributed to substantial change in the group, and his efforts during the initial public offering three years ago were important in setting the organisation on the path of success that it enjoys today.

Promina is expected to appoint someone to Mr West’s Vero role before the end of the year.