Smiths City names 'turnaround specialist' Roy Campbell as CEO
Smiths City Group, the Christchurch-based retail chain, named Roy Campbell as chief executive, replacing Rick Hellings, who departs after 15 years as managing director.
Campbell has had a "multi-site retail career" over 30 years including at Mobil Oil, Lion and DEKA in New Zealand and roles offshore. His experience included consulting on mergers and acquisitions, and leading Fast Moving Consumer Goods businesses "requiring significant change," the company said in a statement.
Campbell was "a highly successful and transformative leader of business and people capability," it said.
The retailer more than doubled profit in its first half, helped by a one-time gain from an insurance payment, although trading profit fell 11 percent. The bulk of earnings in the first half came from its finance unit with a segment profit of just $9,000 from retailing on retail sales of $104 million.
Utilico Investments, a UK investor managed by Infratil director Duncan Saville, owns 13.6 percent of the company.
Its shares last traded at 53 cents, valuing the company at $28 million, and have gained 3.9 percent in the past year.