News: JB Hi-Fi loses group CEO to Premier Investments, re-appoints former head

C-Suite

JB Hi-Fi loses group CEO to Premier Investments, re-appoints former head

The departure of Premier CEO Mark McInnes spurred the poaching of JB Hi-Fi CEO Richard Murray as a replacement. JB Hi-Fi is now returning Murray's predecessor, Terry Smart, to the CEO seat.
JB Hi-Fi loses group CEO to Premier Investments, re-appoints former head

Melbourne-based JB Hi-Fi, one of Australia's largest electronics retailers, has announced the departure of current Group Chief Executive Officer Richard Murray, who will be moving to fashion brand group Premier Investments as of 4 October 2021. According to reports, the move is the direct result of Premier CEO Mark McInnes having decided to step down. Murray was reportedly approached directly by Premier Investments chairman Solomon Lew.

Murray has been with JB Hi-Fi for 18 years, first serving as Chief Financial Officer and then taking over as CEO after then-incumbent Terry Smart stepped down in 2014. Analysts have attributed JB Hi-Fi's success over the last several years to Murray's leadership, and Lew also cited this, saying: “Richard is unquestionably one of the best retailers in Australia, having delivered significant growth, transformation and shareholder value during his career at the JB Hi-Fi Group.”

Smart, who returned to JB Hi-Fi in 2017 to head a subsidiary, The Good Guys, will take back his old position as CEO at the end of August this year. He has been with the company as long as Murray, previously holding the position of Chief Operating Officer before becoming CEO for the first time in 2010.

Smart said of the latest reshuffle: “In JB Hi-Fi and The Good Guys we have two of Australia’s most loved, respected and successful retail brands. Both businesses continue to be well positioned to maximise the opportunities ahead of them, and I look forward to working with the two best retail management teams in the business.”

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