JB Hi-Fi CEO Richard Murray leaves company amid sales boom
The top boss of electronics giant JB Hi-FI has decided to leave despite the company recording a sales surge for the latest quarter.
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Electronics juggernaut JB Hi-Fi has appointed a new chief executive after its top boss was poached by billionaire Solomon Lew’s Premier Investments.
In a statement to the Australian Stock Exchange on Wednesday morning, JB Hi-Fi announced that Terry Smart would replace Richard Murray as the group’s chief executive.
Mr Murray is set to leave the Melbourne-based company by October after accepting the role of chief executive of Premier Investments, which owns popular retailing brands Smiggle, Peter Alexander and Jay Jays.
“The decision to leave was a very difficult one to make,” Mr Murray said in a statement. “After 18 years with the company, it is time for me to take on a new challenge.”
The announcement coincides with the release of the company’s third quarter results which booked a sales growth in Australia of 10.4 per cent on last year’s figure.
JB Hi-Fi chairman Stephen Goddard said under Mr Murray’s leadership, JB Hi-Fi delivered record sales and earnings for the group.
“He oversaw the acquisition and successful integration of The Good Guys business into the group whilst delivering record sales and EBIT growth in the JB Hi-Fi business,” he said.
Mr Smart was previously JB Hi-Fi chief executive between 2010 and 2014 and has recently been in the role of managing director at The Good Guys since 2017.
The Good Guys is a subsidiary of the JB Hi-Fi group.
“In JB Hi-Fi and The Good Guys we have two of Australia’s most loved, respected and successful retail brands,” Mr Smart said in a statement.
“Both businesses continue to be well positioned to maximise the opportunities ahead of them, and I look forward to working with the two best retail management teams in the business.”
Mr Smart and the group’s chief financial officer Nick Wells will both join the JB Hi-Fi board as executive directors.
Originally published as JB Hi-Fi CEO Richard Murray leaves company amid sales boom
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