JB Hi-Fi chief executive Terry Smart to step down

Chief financial officer Richard Murray will succeed the CEO of 14 years

JB Hi-Fi chief executive Terry Smart will step down in August after 14 years at the helm.

Richard Murray, who has served as the company's chief financial officer for more than 10 years, has been named as his replacement.

Smart said it was a hard decision to make as the company had been such an incredibly important part of his life for such a long time.

"But the decision was made easier because the company is in a strong position," he said.

"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.

"After a total of 30 years in retail I now look forward to spending some time with my family."

Murray said he was honoured and excited by the challenge of leading the JB Hi-Fi team.

"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," he said.

"I look forward to working with Terry over the next three months to ensure a smooth and successful transition."

Group financial controller Nick Wells will be appointed as the new chief financial officer.

Nick is a chartered accountant with over 10 years of experience.

Smart said the company continued to see good comparable sales growth of 3 per cent for the quarter.

"The newly converted Home stores, while small in number, grew sales at 12.2 per cent post conversion, demonstrating the opportunity we have ahead in these new categories."

In FY14, the company opened eight new stores, with two opened in the second half.

The company anticipates having 22 JB Hi-Fi Home stores by the end of FY14.

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