Why is the Premier Investments share price falling?
Shares in the retailer have slumped lower after the company announced a “senior executive change”.
Premier Investments Limited executive director and Premier Retail CEO, Mark McInnes, is set to step down.
At the completion of his 12-month notice period, Mr McInnes will have been in his role for more than 10 years.
The Premier Investments share price has fallen lower on the news while the S&P/ASX 200 Index (ASX: XJO) is down 0.4%.
Premier Chairman Solomon Lew said he supported Mr McInnes in his decision to step down to spend more time with family. Mr Lew said Premier had delivered “year on year record operational and financial performance” under Mr McInnes.
According to Mr Lew, it’s “business as usual” for Premier with the board starting a new executive search. Mr McInnes is currently on annual leave and will return on 1 February 2021.
What does Premier Investments do?
Premier is one of Australia’s largest retailers having listed on the ASX in December 1987. Led by billionaire chairman Solomon Lew, Premier Investments has steadily grown its retail portfolio.
Some of Premier’s major investments include The Just Group, Smiggle, Just Jeans, Peter Alexander and dotti.
Like many Aussie retailers, the Premier Investments share price has rebounded strongly in recent months. After slumping as low as $8.13 in the March 2020 bear market, its shares are up 191.0% to $23.66 per share.
The departure of Mr McInnes represents a big change for the retailer after such a long stint at the helm.
The Premier Investments share price is under pressure today as the broad market index has also endured a soft start to the week’s trade.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
- Why the HomeCo (ASX:HDN) share price is one to watch – February 17, 2021 9:38am
- EBOS (ASX:EBO) share price on watch after dividend surge – February 17, 2021 9:01am
- A turbulent tale of 2 ASX biotech shares: Polynovo (ASX:PNV) and Pro Medicus (ASX:PME) – February 15, 2021 11:28am