After nearly two decades at JB Hi-Fi (ASX: JBH) where he helped spearhead the company’s IPO, CEO Richard Murray will soon depart to try his hand at fashion brands, filling the void that will eventually be left by outgoing Premier Retail CEO Mark McInnes.
Murray’s planned exit in late August follows 18 years of service to the electronics and entertainment retailer, and will see him replace McInnes at the Premier Investments (ASX: PMV) subsidiary from 4 October.
The move caps off a major innings for Murray who joined JB Hi-Fi as CFO in 2003 and took the business through the IPO process.
His leadership has proved fruitful too; when JBH listed on 24 October 2003 one share was worth $2.17. Those same shares are now worth $47.52, meaning they’ve risen almost 25 fold during the period Murray has been at JB Hi-Fi.
Premier Investments chairman Solomon Lew has welcomed “one of the best retailers in Australia” to lead the retail portfolio of his company which includes brands like Smiggle, Peter Alexander, Just Jeans, Portmans and more.
“Richard’s appointment continues Premier’s track record of recruiting and retaining the best executives in the industry.”
Murray will commence in the new role from 4 October 2021, and will receive $2 million per annum in fixed remuneration while in the position.
Lew has thanked McInnes for his decade of service to Premier Investments.
“The Board thanks Mark for his stewardship of Premier Retail over the past ten years,” Lew said.
“Mark has guided the business to deliver record year-on-year operational and financial performance across the retail cycle via the relentless and consistent pursuit of Premier’s strategy.
“Mark will leave Premier in a very strong position following the Group’s FY2021 year end.”
JB Hi-Fi’s managing director of The Good Guys, Terry Smart, will be promoted to the role of group CEO in Murray’s place.
Smart was formerly the CEO of JBH from May 2010 to June 2014, following 10 years as COO, and oversaw significant expansion and growth during this time.
He then returned to the group in April 2017 as managing director of The Good Guys and lead the improvement seen in that business.
JB Hi-Fi chair Stephen Goddard has welcomed Smart’s appointment.
“Terry’s appointment demonstrates the quality and depth of our management team,” says Goddard.
“Terry has a proven record as one of Australia’s leading retail executives, both as CEO of the JB Hi-Fi business and more recently as managing director of The Good Guys.”
Smart, alongside JBH CFO Nick Wells, will join the board of the company as executive directors on a later date.
Business News Australia