After more than 18 years, JB Hi-Fi CEO Richard Murray has decided to leave the publicly listed retailer at the end of August to pursue a new role, with former chief Terry Smart stepping back into the fold.
Smart was the retailer’s CEO for four years from May 2010 to June 2014 after serving for ten years as COO. He returned to the Group in 2017 as managing director of The Good Guys, which JB Hi-Fi acquired for $870 million in late 2016.
Murray joined JB Hi-Fi in 2003 and during his tenure has overseen the acquisition and integration of The Good Guys business along with delivering record sales and earnings growth for the business.
“The decision to leave was a very difficult one to make,” Murray said. “After 18 years with the company, it is time for me to take on a new challenge. I am proud to leave the business in such a strong position and the Group will continue to go from strength to strength under Terry’s leadership.”
Commenting on his new placement, Smart said both businesses continue to be well positioned to maximise opportunities ahead of them.
Both Smart and Group CFO Nick Wells will join the board as executive directors.
Smart’s successor as managing director of The Good Guys will be revealed shortly, the company said.