JB Hi-Fi boss Terry Smart will retire in August after 14 years with the electronics retailer.
He will be replaced by the retailer’s chief financial officer Richard Murray.
Mr Smart’s departure came as a surprise, as he had held the position for just four years and JB has performed strongly despite the headwinds of poor consumer sentiment and almost constant price deflation in consumer electronics.
Having worked with the company during its ownership by Macquarie Bank’s private equity arm and its subsequent stockmarket listing in 2003, Mr Smart is also the company’s biggest individual shareholder, with a haul of 959,240 JB Hi-Fi shares valued at more than $21 million.
Mr Smart succeeded inaugural chief executive Richard Uechtritz, who retired in 2010 to concentrate on charitable work and non-executive roles, including a directorship at JB Hi-Fi.
Mr Smart said he was looking forward to spending more time with his family after nearly 30 years in the retail industry.
He said the company, which has been one of the retail sector’s strongest performers in recent years, was well positioned for future growth.
“After 14 years with JB Hi-Fi it was a hard decision to make,” he said.
“But the decision is made easier because the company is in a strong position.
“With great growth opportunities ahead, combined with the best retail management team in the market, I know the company will continue to see long term success.” Mr Murray, who has been the company’s chief financial officer for ten years, said he would look to continue the company’s expansion.
“We have many opportunities to grow the business as we continue the store roll out, expand JB Hi-Fi Home, further develop our online and digital platform and build our commercial and education division,” he said.
He will be replaced by the retailer’s chief financial officer Richard Murray.
Mr Smart’s departure came as a surprise, as he had held the position for just four years and JB has performed strongly despite the headwinds of poor consumer sentiment and almost constant price deflation in consumer electronics.
Having worked with the company during its ownership by Macquarie Bank’s private equity arm and its subsequent stockmarket listing in 2003, Mr Smart is also the company’s biggest individual shareholder, with a haul of 959,240 JB Hi-Fi shares valued at more than $21 million.
Mr Smart succeeded inaugural chief executive Richard Uechtritz, who retired in 2010 to concentrate on charitable work and non-executive roles, including a directorship at JB Hi-Fi.
Mr Smart said he was looking forward to spending more time with his family after nearly 30 years in the retail industry.
He said the company, which has been one of the retail sector’s strongest performers in recent years, was well positioned for future growth.
“After 14 years with JB Hi-Fi it was a hard decision to make,” he said.
“But the decision is made easier because the company is in a strong position.
“With great growth opportunities ahead, combined with the best retail management team in the market, I know the company will continue to see long term success.” Mr Murray, who has been the company’s chief financial officer for ten years, said he would look to continue the company’s expansion.
“We have many opportunities to grow the business as we continue the store roll out, expand JB Hi-Fi Home, further develop our online and digital platform and build our commercial and education division,” he said.
