Richard Murray says he had a good innings at JB Hi-Fi amid a retail CEO switch to Lew’s Premier Investments
JB Hi-Fi’s outgoing boss says he’ll arrive in his new job already very familiar with the colourful stationery and pyjamas sold by the likes of Smiggle and Peter Alexander.
Richard Murray says he only began to consider his future at JB Hi-Fi when first approached by retail billionaire Solomon Lew earlier this year, and this triggered a simple thought: “I’ve had a good innings.”
Mr Murray, who on Wednesday was unveiled as the new chief executive of Solomon Lew’s Premier Investments fashion empire when he steps down from JB Hi-Fi in August after 20 years at the helm, said working for Mr Lew was just an opportunity he couldn’t pass up.
The move marks one of the biggest retail switches in recent years with the career electronic goods executive taking charge of a fast fashion and apparel empire.
And as for Premier Investments’ large stable of brands, Mr Murray said he spent plenty of time in its Smiggle stationery stores when his kids were younger while his family from his wife down were rusted on fans of its sleepwear label Peter Alexander.
The only point of potential conflict will be Premier Investments’ billion dollar equity stake in kitchenware and consumer appliances group Breville with Mr Murray agreeing to a deal with JB Hi-Fi that he will stay out of any Breville discussions held by the Premier board for his first 12 months at Mr Lew’s side.
terms of fashion experience, it is more about Mr Murray’s extensive retail work that attracted Mr Lew but Mr Murray said his family are shoppers of Premier Investments’ brands.
“My kids are just getting a little passed Smiggle but I have spent a lot of time in Smiggle when the kids were younger and there is a lot of Peter Alexander sleepwear in our home from (my wife) Jacqueline and I down and obviously over the period I have been chatting with Solly I have gone into the stores more regularly”.
Mr Murray will leave at the end of fiscal 2021, handing over to JB Hi-Fi boss of its whitegoods chain The Good Guys, Terry Smart, who has previously served as CEO of the group.
Speaking to The Australian as JB Hi-Fi and Premier Investments announced the CEO transition, Mr Murray said an early chat with Mr Lew kicked off thoughts about his future with JB Hi-Fi after 18 years with the business.
“And I guess the discussion with Solly got me to reflect on what I have achieved at JB Hi-Fi and when was the right time for a transition. The business is in a great shape, (incoming and CEO Terry Smart) has made a big impact on the business and it is really just that I looked at it and thought I have had a pretty good innings and this opportunity I thought was worth exploring because there are not many opportunities like this available.
“And it is just you get to a stage where you say, hey, I’ve had an amazing journey at JB Hi-Fi, I want to stay in Melbourne, this is a great opportunity. I’m lucky, I have had 10 years at Deloitte, 20 years at JB Hi-Fi and I look forward to 10 years at Premier Investments and it is a really exciting opportunity.”
Mr Lew and Mr Murray have operated in the same retail sector for decades and were recently introduced to each other formerly by mutual friends.
They also had time to chat last year before the first COVID-19 lockdowns when Prime Minister Scott Morrison invited them both and a dozen other business chiefs to Kirribilli House to discuss the emerging pandemic.
In true style for Mr Lew he bypassed the need for corporate headhunters when current Premier Investments boss Mark McInnes earlier this year announced his own intention to leave, handling the CEO selection job himself with Mr Murray the only candidate.
“Sol approached me, it was after Mark’s announced departure. We have mutual friends and have spoken about industry things over the years,” Mr Murray said.
There will be a tricky transition for Mr Murray as he leaves JB Hi-Fi which has a wide and broad shareholder base to Premier Investments where Mr Lew and his family own nearly 50 per cent of the company and Mr Lew will be alongside him as his chairman, keeping an eye on his decisions and performance.
He recognises his lack of experience in fashion retail, but Mr Murray is confident he has the skills to run the business and says he will be supported by the excellent Premier retail team.
“There are 9000 people there (at Premier) and some amazing specialists and my job is to take that amazing team that is absolutely delivering as JB Hi-Fi has and work with them to continue that strong growth.
“And when I think about the basics of retail, we all know retail is about detail, and you put the customer at the heart of every decision you will do better than most.”
More Coverage
Building tomorrow: How Australia can thrive as global population explodes
The global population could soar to 11 billion by 2100, bringing enormous opportunities for Australia’s resources and skills, writes Bernard Salt.
Spotlight family fortune all tied up
Ah, the tangled webs of the wealthy when relationships turn ugly. Zac Fried’s sister is going through a split with hubby Nathan Sable and apparently the Frieds say they don’t have any assets.