JB Hi-Fi has appointed Nick Wells to succeed Terry Smart as the group’s new CEO, following Smart’s decision to retire in October. 

Wells previously held the role of group CFO for 10 years, was appointed to the board in 2021 and was appointed group COO last October.

He has been heavily involved in the company’s operations, growth and the implementation of strategic initiatives. 

“On behalf of our shareholders, the board would like to express its thanks and appreciation to Terry for his significant contribution to the company over many years since he first joined the group in 2000,” said JB Hi-Fi chairman, Stephen Goddard. 

“Having returned to the group in 2017 after a short break, Terry spent four years leading the repositioning and significant performance improvement of The Good Guys business and, since his reappointment as group CEO in 2021, the company has seen significant growth in sales and profit and its share price rise to record levels.”

Goddard stated that Wells’ appointment demonstrated the strength of the company’s succession planning and the quality of its management team. 

“The board is delighted in having a candidate of the calibre of Nick within our own ranks and we look forward to him applying his considerable talents to the role and putting his own stamp on the company while continuing with the current strategy,” said Goddard.  

Wells said he was excited to take on the role of group CEO after having been part of the business for the past 16 years.

“In JB Hi-Fi, The Good Guys and e&s we have three of the most loved, respected and successful retail brands, overseen by an experienced and incredibly talented team,” Wells said. 

Moving forward, Wells said the business was well placed to maximise the opportunities ahead of them.