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McInnes to step down as Premier Investments enters 'new chapter'


Premier Investments, the owner of chains such as Peter Alexander and Just Jeans, has announced a new retail CEO after incumbent Mark McInnes decided to step down.

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Richard Murray will take over at Premier Investments from October 4, chairman Solomon Lew said in a statement on Wednesday.

McInnes, who has been at the helm for 10 years, will go on “gardening leave” at the end of the company’s 2021 full year.

Under the terms of McInnes’ contract, Premier has elected to exercise a 12-month restraint ending in January 2023.

The company is also entitled to extend that by another 12-months through to January 2024.

“Mark will leave Premier in a very strong position following the group’s FY2021 year-end,” Lew said.

Murray will join Premier from electronics and consumer entertainment company JB Hi-Fi where was CEO.

Murray is “one of the best retailers in Australia”, Lew said.

“This is the beginning of a new chapter for Premier.”

Premier, which owns seven retail chains, made a $188 million first-half net profit in the 27 weeks to the end of January.

Meanwhile, Mr Murray’s replacement at JB Hi-Fi is Terry Smart, who’s making his second appearance in the CEO spot since he last held the reins in 2010-2014.

The news comes on the day JB Hi-Fi issued a third-quarter trading update.

It showed demand for consumer electronics remained strong compared to the March quarter of 2020, when the country began to go into lock-down due to the coronavirus pandemic.

Total sales at JB Hi-Fi stores in Australia rose 10.4 per cent in the quarter, compared to a 11.6 per cent increase last year.

Same-store sales rose 11.5 per cent, compared to growth of 11.3 per cent a year ago.

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