Mark Powell to depart Warehouse by Feb 2016 after 4 years
Mark Powell to depart Warehouse by Feb 2016 after 4 years
By Jonathan Underhill
March 30 (BusinessDesk) - Mark Powell will step down as chief executive of Warehouse Group by February 2016 after 14 years, the last four as chief executive that saw him revamp the retailer's so-called 'Red Sheds' and steer its online strategy.
Auckland-based Warehouse will now embark on a search for a new CEO, in what it says will be an orderly succession.
Powell has overseen a $100 million 'refresh' programme for the Warehouse stores that the company says has delivered 17 quarters of sales growth. He also led the company through the acquisition of Noel Leeming and Torpedo 7, the development of its online strategy and the turnaround of the Warehouse Stationery stores
Earlier this month, Warehouse posted a 19 percent drop in first-half profit and its forecast for annual earnings, saying it was turning its focus to reducing costs and improving its products and productivity.
Warehouse shares though, have been on a bumpier ride, having declined about 22 percent since Powell took the top job in February 2011, closing today down 0.7 percent to $2.84. They traded as high as $4.40 in May 2013.
"The challenge in the next strategic cycle is to fully translate this platform into profitable growth for our shareholders in the future," Powell said in the statement. "I know we have the team in place to do this.”
Warehouse Group comprises 92 Warehouse stores, 79 Noel Leeming outlets, 64 Warehouse Stationery stores and 10 Torpedo7 stores in New Zealand. It employs 11,500 people.
(BusinessDesk)