The JB Hi-Fi Limited (ASX: JBH) share price will be in the spotlight this morning. This comes after the company announced its new group CEO.
It will also be interesting to see where the Australian electronics retailer's shares move, after finishing yesterday's market close at $47.52.
New CEO appointment
According to this morning's release, JB Hi-Fi advised it has appointed Mr. Terry Smart to become its new group CEO. The announcement follows current group CEO Mr. Richard Murray's decision to depart from the company to take on new challenges.
Mr. Smart will transition smoothly into the role after serving as group CEO of JB Hi-Fi between May 2010 to June 2014. Before that, Mr. Smart held the position of chief operating officer for 10 years, overseeing the company's significant expansion.
From April 2017 and onwards, Mr. Smart has held the position of managing director of The Good Guys. He notably took lead on the company's repositioning efforts and improvement in business performance over the last few years.
Mr. Smart will join the JB Hi-Fi board as an executive director in the near future. The group's chief financial officer (CFO), Mr. Nick Wells, will also join the board at the same time. Mr. Wells has been in the role of CFO since 2014.
JB Hi-Fi revealed that Mr. Smart's successor as managing director of The Good Guys will be named in due course.
Mr. Smart will take over the reins as the new group CEO at the end of August 2021.
Management commentary
JB Hi-Fi chair, Stephen Goddard acknowledged Mr. Smart's extensive experience, saying:
Terry's appointment demonstrates the quality and depth of our management team. 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. We look forward to him applying his considerable talents to both of the Group's brands.
Incoming group CEO, Mr. Smart went on to add:
I am excited to take on the role of Group CEO. In JB Hi-Fi and The Good Guys we have two of Australia's most loved, respected and successful retail brands. Both businesses continue to be well positioned to maximise the opportunities ahead of them and I look forward to working with the two best retail management teams in the business.
JB Hi-Fi share price snapshot
The JB Hi-Fi share price has risen close to 40% over the past year but predominately moved in circles since August 2020. The company's shares reached an all-time high of $55.25 earlier this year, before treading lower.
JB Hi-Fi has a market capitalisation of roughly $5.45 billion, with just 114.8 million shares on issue.
