JB Hi-Fi’s long-term chief executive Richard Murray will be leaving the electronics retailer at the end of August to take up the same position at Premier Retail.

Murray spent 18 years at JB Hi-Fi, but said it is time to take on a new challenge, and will be replaced by former JB CEO and current MD of The Good Guys Terry Smart.

“I am proud to leave the business in such a strong position and the group with continue to go from strength to strength under Terry’s leadership,” Murray said.

Chairman of Premier Investments Solomon Lew welcomed Murray to the fold, calling him “unquestionably one of the best retailers in Australia.”

“I am delighted to announce Richard’s appointment to the role of CEO Premier Retail,” Lew said.

“[Richard has] delivered significant growth, transformation and shareholder value during his career at the JB Hi-Fi Group [and his] appointment continues Premier’s track record of recruiting and retaining the best executives in the industry.”

Murray will also join the Premier Board as an executive director.

The announcement comes as JB Hi-Fi Group continues its solid growth in to the third quarter, with JB Hi-Fi Australia sales growth up 10.4 per cent, JB Hi-Fi New Zealand sales growth 16 per cent, and The Good Guys 5.8 per cent.

Incoming CEO Terry Smart said he is excited to take leadership over two of Australia’s most loved, respected and successful retail brands – JB Hi-Fi and The Good Guys.

“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.”

Smart and JB CFO Nick Wells will join the JB Board as executive directors.