The JB Hi-Fi Limited (ASX: JBH) share price is trading lower on Tuesday despite the announcement of a new senior appointment.
In afternoon trade, the retail giant's shares are down 0.5% to $45.97.
What did JB Hi-Fi announce?
This afternoon JB Hi-Fi announced the appointment of Biag Capasso as the Managing Director of The Good Guys business.
Mr Capasso will replace Terry Smart in the role when he takes over as JB Hi-Fi Group CEO upon the previously announced departure of Richard Murray in August 2021.
Last month Mr Murray agreed to become the next CEO of the Premier Retail business owned by Premier Investments Limited (ASX: PMV).
According to the release, Biag Capasso has been with The Good Guys since November 2011, holding several roles in the merchandise department. This includes Merchandise Director since May 2018. Prior to this, he was Marketing and Merchandise Manager for Retravision for six years.
The company believes his appointment is a testament to the quality and depth of management within the JB Hi-Fi Group and its succession planning.
Terry Smart commented: "Biag has done an outstanding job as Merchandise Director over the past three years. He has played a key role in the transformation of the business post-acquisition and developed a first-class merchandise buying team. We look forward to Biag taking on his new role and leading the experienced The Good Guys executive team to continue the business' strong performance.
Is the JB Hi-Fi share price in the buy zone?
One broker that sees a lot of value in the JB Hi-Fi share price is Credit Suisse.
According to a note from last week, the broker has upgraded its shares to an outperform rating with a $57.39 price target. This price target implies potential upside of approximately 25% over the next 12 months.
Credit Suisse believes the market is underestimating the momentum that remains in the household goods market.
