JB Hi-Fi to move Nick Wells into chief operating officer role as it doubles down on growth agenda
The nation’s largest home entertainment retailer has announced new roles for two key executives as it doubles down on its growth agenda as the sector comes under mounting pressure.
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JB Hi-Fi has overhauled its executive team by moving chief financial officer Nick Wells into another role as the big box electronics retailer navigates an increasingly challenging retail environment.
In a market update on Wednesday, JB Hi-Fi said changes involving Mr Wells and David Giansalvo will provide additional support to assist the growth of the brands that also include The Good Guys and E&S.
The ASX-listed announced that Mr Wells, who has been group chief financial officer since 2014 has been moved into the role of chief operating officer as of Wednesday.
“With the group’s further expansion, Nick’s new role as group chief operating officer will provide additional support to assist the growth of the brands,” JB Hi-Fi said in a brief statement.
Mr Giansalvo has been appointed to succeed Mr Wells in the chief financial officer role. He is a chartered accountant with over 15 years of experience in senior finance leadership roles and previously was with the group between 2008 and 2011 before moving to the Catch Group.
JB Hi-Fi poached him back in 2016 where Mr Giansalvo has since served in the role of group general manager – analysis & planning, which has seen him lead its commercial finance function as well as being actively involved in the Group’s investor relations and M&A activities.
Both will report to chief executive Terry Smart. Mr Smart said in August that he won’t let the current economic malaise and cost of living pressures hinder its growth path as it looks to use its recent takeover of E&S to push into the commercial building market.
The acquisition will give the retailer its first major entry into the commercial building, architecture and housing market, where decisions on expensive whitegoods like fridges, benchtops and baths are made in the design and build stage.
“We don’t think let the economic outlook restrict how we think about the growth of the business, there may be less shoppers but those that are buying we just make sure we work hard every day that they buy from us,” he said.
In a sales update provided as part of the full-year results, JB Hi-Fi same store sales growth was up 5.2 per cent for July, JB Hi-Fi New Zealand sales down 4.9 per cent and The Good Guys sales up 2.7 per cent.
Mr Wells has overseen the finance, property, risk, sustainability and M&A functions and implemented significant strategic initiatives, including leading the acquisitions of The Good Guys in 2016 and of E&S in 2024 since he joined the company in 2014.
Reduced consumer spending driven by cost of living and broader inflationary pressures have impacted discretionary businesses. A number of businesses have been caught in the crossfire, including online bookseller Booktopia, while Godfreys Group closed in May after almost 100 years of selling vacuum cleaners.
Embattled apparel retailer Mosaic Brands announced on Monday it will close more than 200 stores and shut five of its brands in a bid to avoid financial collapse as the retailer sector comes under mounting pressure.
Australian Securities and Investments Commission data showed retail trade insolvency appointments surged by 42.2 per cent to 768 in the 2024 financial year. Hospitality rose even faster, up 50 per cent to 1667. In the first two months of the new fiscal period, hospitality appoints are up 96 per cent to 452.
Shares in JB Hi-Fi have rocketed 50 per cent since January 1 to $81.41 at the close on Tuesday.
Originally published as JB Hi-Fi to move Nick Wells into chief operating officer role as it doubles down on growth agenda
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