Outgoing chief executive drives JB Hifi (ASX:JBH)'s shares downwards

Company News

by Michael Luu

JB Hifi (ASX:JBH)’s CEO Richard Murray is set to depart for fashion & lifestyle conglomerate Premier Investments (ASX:PMV), after 18 years at the distributor of digital goods and electrical appliances.

Announcements by both retail giants this morning confirmed Mr Murray will replace Mark McInnes to take the helm at Premier Investments at the end of August.

The JB Hifi boss since 2014 has steered the company towards strong profit growth with an impressive sales record and portfolio of lucrative acquisitions in 7 years including the Good Guys in 2017.

Mr Murray said, “I am proud to leave the business in such a strong position”.

Richard Murray’s performance at the helm of the heavyweight electronics retailer attracted Premier Investments to pursue his signature, as the fashion firm aims to maintain its “track record of recruiting and retaining the best executives in the industry”.

JB-owned The Good Guys’ Managing Director Terry Smart has been selected to succeed Richard Murray.

News of the outbound chief executive has hampered JB Hifi's investor confidence, as the company's shares are trading 3.1 per cent lower at $46.05.

Shares in Premier Investments (ASX:PMV) are trading 2.2 per cent higher at $26.45