The JB Hi-Fi Limited (ASX: JBH) share price is on the decline on Friday morning. This comes after the electronic goods and appliance retailer provided an update in regards to a senior leadership change.
At the time of writing, JB Hi-Fi shares are down 0.93% to $45.63. In comparison, the S&P/ASX 200 Index (ASX: XJO) is down 0.18% to 7,477 points.
What did JB Hi-Fi announce?
In a statement to the ASX, JB Hi-Fi advised that its group CEO Richard Murray has tendered his formal resignation.
Murray will be leaving the company after spending more than 4 years at the helm. He will leave at the end of August to pursue a new role. However, no details were disclosed as to which company Murray will be joining.
To ensure a smooth succession, the managing director of The Good Guys, Terry Smart, will assume the top job today. Smart previously held the CEO position of JB Hi-Fi from May 2010 to June 2014.
In addition, Smart and group chief financial officer Nick Wells will join the board as executive directors. This will also come into effect as of today.
JB Hi-Fi chair Stephen Goddard commented on the leadership reshuffle:
The board thanks Richard for his outstanding contribution to the company over the past 18 years, wishes him all the best for the future and looks forward to Terry taking on the role of group CEO and continuing to deliver on the group's previous success.
About the JB Hi-Fi share price
Over the past 12 months, the JB Hi-Fi share price has gone somewhat on a rollercoaster ride, down 11%. This is a stark contrast from when its shares were on a steep growth trajectory from March 2020 to August 2020.
JB Hi-Fi released its FY21 full-year results during the middle of August.
On valuation grounds, JB Hi-Fi commands a market capitalisation of roughly $5.3 billion, with approximately 114 million shares on hand.
