Reject Shop announces Andre Reich as new CEO

Embattled retailer the Reject Shop has poached a Kmart and Target executive to become its new chief executive.

Andrew Reich will take over as CEO of The Reject Shop in January. Picture: AAP

Embattled retailer the Reject Shop has poached a Kmart and Target executive to become its new chief executive, announcing Andre Reich will be its new CEO from January 13.

Mr Reich is an experienced retailer with expertise in defining and delivering turnaround and growth outcomes, Reject Shop said, with more than 25 years of retail experience, most recently in the role of chief operating officer at Wesfarmers’ Target Australia for three years, and prior to that as general manager of merchandise & marketing at Wesfarmers’ Kmart Australia.

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Former CEO Ross Sudano resigned in May.

Chairman of The Reject Shop Steven Fisher said: “Andre Reich is recognised across the market as a high performing retailing executive with extensive experience in low price retail formats.

“Andre sees the opportunities that the future holds for the company as we return to our core focus of discount variety retailing.”

Mr Reich said: “Our future will include superior focus on our customer, fostering of a positive and proactive team culture and the delivery of sustainable commercial results.”

The new CEO will be paid fixed remuneration of $800,000.

The Reject Shop has suffered a string of profit downgrades in the last few years, a collapsing share price, diving sales and the loss of its CEO.

It also was subject to a takeover from businessman Raphael Geminder, who is now the biggest shareholder.