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Premier Retail CEO steps down, replacement search begins

Solomon Lew and Mark McInnes

After almost ten years at the helm, Mark McInnes has announced he will step down as the CEO of Premier Retail once he completes a 12-month notice period.

McInnes said he wishes to commit more time to his family than his current role will allow.

“On behalf of the board I want to express our sincere appreciation to Mark,” Premier chairman Solomon Lew said.

“Premier has delivered year on year record operational and financial performance under Marks leadership [and] thrived in very challenging times while many of our competitors have struggled or failed.”

The business said last week it is expecting its first-half earnings to jump as much as 85 per cent to $233 million due to a massive jump in online sales during the pandemic trading period.

The Australian business has seen like-for-like sales growth of 26.2 per cent, while the global figure rose 18 per cent. Global sales for the 24 week period have grown by 5 per cent to $716.9 million.

For the next year, however, it will be business as usual according to Lew. Premier is in the process of beginning a comprehensive search for McInnes’ replacement, and said it is lookin forward to working with him when he returns from his annual leave on February 1st.

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