News: BUB UPDATE 1-Bubs Australia backs current board, to name new CEO in August

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July 27 (Reuters) - Shareholders of Bubs Australia (BUB) on Thursday backed current head Katrina Rathie as the infant formula maker's non-executive chair, while the company promised to announce a new CEO in August, sending shares down more than 15%.

A group of dissident shareholders, controlling 5.04% of the company, was seeking to remove all the four non-executive directors in a campaign dubbed "Save Our Bubs" while nominating former A2 Milk (ATM) Asia head Peter Nathan to be the new chief.

Ousted ex-CEO Kristy Carr has been leading a group of dissident investors who have been planning to vote out the current board of directors, citing "destruction" of the company.

In May, the company fired co-founder Carr due to her failure to "comply with reasonable board directions".

Shares of Bubs Australia were down 15.2% at A$0.195, as of 0207 GMT on Thursday, to hit their lowest since early July.

The seller of powdered milk variety for infants did not appoint a new chief executive even as the dissident group's CEO nomination Nathan failed to get the required votes.