KMD Brands’ $414.4 million statutory loss has pulled chair Philip Bowman down 20 places and Abby Foote down 12 in the October edition of The Boardroom Table. Former Contact Energy chair Rob McDonald enters the rankings at #7.
KMD Brands owns Kathmandu, Rip Curl and Oboz. Since covid it has worked through years of uncertainty and tough market conditions, and it has recorded statutory losses in each of the last three years. Market views on the company are now split. One view sees a business in the middle of a turnaround. The other sees a distressed restructuring. KMD’s FY26 results, released on 23 September 2026, tipped The Boardroom Table’s benchmarking toward the less favourable view.
A write-down that outweighed operational gains
The headline figure was a statutory loss of $414.4 million, up from $93.6 million in FY25. Most of it came from a non-cash impairment of $462.7 million before tax. The underlying loss was $9.0 million, an improvement on $28.3 million a year earlier.
The business did improve its operations. Sales rose 6.5% to $1,053.0 million, and gross margin lifted to 57.7% from 56.5%. However, the size of the write-down outweighed those gains.
Two of the three KMD directors on The Boardroom Table moved sharply. Abby Foote fell from #50 to #62. Philip Bowman, chair since May 2026, carries a stronger impact weighting in that role, and he fell from #27 to #47. The exception was John Strowger, who slipped one place to #35. He joined the board on 1 July 2026, so The Boardroom Table’s algorithm gives him a ‘warm-up’ period while his impact on the company becomes measurable.
Energy leads at the top
While KMD’s directors slide, the energy sector produced the month’s standout. New Zealand’s gentailers have often ranked near the top of The Boardroom Table, and this month is no different as Rob McDonald debuts at #7.
Rob McDonald chaired Contact Energy from September 2018 until September 2026, when he handed over to Jon Macdonald. Contact’s share price rose 49.2% over that period, and his tenure there carries significant weight in his ranking. He enters the rankings this month because he joined the Air New Zealand board on 24 September 2026. That appointment meets The Boardroom Table’s eligibility rule: at least two current directorships, or one current and one past directorship within the last 18 months.
McDonald is one of five new entrants this month, up from four last month. The others are Fraser Whineray (#34), Alison Barrass (#56), Garry Moore (#58), who also adds NZX companies PGG Wrightson and Savor to The Boardroom Table, and Cassandra Crowley (#59).
What comes next
For KMD’s directors, the question is whether a return to underlying profitability can start to repair the damage the write-down did to their rankings. Coming editions of The Boardroom Table will show how that plays out.
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