Co-founder and joint CEO of ASX-listed retailer Vita Group, David McMahon, has decided to leave the company after more than 20 years.
McMahon co-founded the group with Maxine Horne, who will become the sole CEO.
In a statement to the ASX, McMahon said he wanted to explore opportunities outside of the retailer. “Vita Group has been a big part of my working life and I’m pleased to be leaving with the business so well positioned for growth,” he said.
The changes take effect immediately, but McMahon will remain with the company until June 30. McMahon and Horne will retain their present shareholdings in Vita Group.
“This change will see the company revert to a more conventional leadership structure,” Vita Group chairman, Dick Simpson, said.
Vita Group maintains about 182 outlets operating as Telstra and Telstra Business Centres (91 stores), Fone Zone (41), One Zero (32) and Next Byte (18).
Last year, the retail group 'realigned' its growth strategy following a non-cash impairment charge between $12m and $15m related to its Next Byte business for FY12.