Mark Coulter, founder and interim CEO of online furniture retailer Temple & Webster, has been appointed permanent CEO of the ASX-listed company.

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Coulter, one of the four co-founders of the business, has been tasked with guiding the loss-making company to break even point in 2018 following a rocky debut on the share market. Temple & Webster’s shares, issued at $1.10 in December 2015, are now valued at less than 20 cents a share.

Coulter re-joined the company as Chief Operating Officer in March 2016 to lead the development of the new business strategy. He then stepped into the role of interim CEO in April when fellow co-founder Brian Shanahan resigned from the top job.

Coulter is the former co-founder and principal of ArdenPoint Group and has held various senior executive positions at News Corp. Prior to joining News, he was a management consultant at McKinsey & Company.

Mark Taylor, current interim CFO, has also been appointed as CFO effective October, 24.

Chairperson Carol Schwartz said, “We are pleased that Mark has accepted the role of CEO, after doing a great job over the last six months in implementing the revised business plan. Mark’s extensive digital and commercial experience, combined with his intimate understanding of the business as one of the founders, strongly positions the company in continuing the implementation of its vision and strategy. It is also great that Mark Taylor has accepted the role of CFO, having done an excellent job as interim CFO.”

Coulter said, “I am excited by the opportunity to continue our growth momentum through executing our strategy of delivering beautiful solutions for our customers. Our clear objective is to deliver improved operational and financial performance through leveraging our scale, unique brands and market leading position. Re-joining a company that I love, in a growing and exciting market, with the most passionate and talented team I have ever worked with was not a hard decision.”

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