JB Hi-Fi CEO Terry Smart has announced his intention to retire, with plans to leave the company in August 2014.
After Smart’s departure, the company’s CFO for more than ten years, Richard Murray, will take over the role.
Smart says it was a difficult decision to leave JB Hi-Fi.
“After 14 years with JB Hi-Fi it was a hard decision to make," he says. “JB Hi-Fi has been an incredibly important part of my life, having been involved in the growth of the company from 10 stores to the 182 stores we have today.
“But the decision is made easier because the company is in a strong position.
“With great growth opportunities ahead, combined with the best retail management team in the market, I know the company will continue to see long term success.
“I have worked very closely with Richard Murray for more than 10 years, taking the company to the position it is in today.
“Richard has a great knowledge of the business and I have no doubt JB Hi-Fi will be in a great pair of hands.
“After a total of nearly 30 years in retail I now look forward to spending some more time with my family.”
In taking over from Smart, Murray says he is honoured and excited by the challenge of leading the JB Hi-Fi team.
“JB Hi-FI is in a strong and competitive position," he says.
"We have many opportunities to grow the business as we continue the store rollout, expand JB Hi-Fi Home, further develop our online and digital platform and build our commercial and educations division.
"I look forward to working with Terry over the next three months to ensure a smooth and successful transition."
The company will also appoint Nick Wells as CFO, who moves from is current role as Group Financial Controller.