The recruitment process is designed to allow up to 10 months to ensure a planned and orderly succession process.
Powell has been group CEO for four years and has led an extensive strategic reshaping of the The Warehouse Group.
“When I took this role I never saw myself doing it for more than the four to five years required to establish a new strategic platform and culture for the future,” Powell said.
“The last four years have been personally very fulfilling. The group is now very different. Customers and the team have seen the positive difference. The challenge in the next strategic cycle is to fully translate this platform into profitable growth for our shareholders in the future. I know we have the team in place to do this,” he said.
“I have many interests outside of this role and will not be seeking another executive role. Instead I will look to apply my knowledge, skills and experience where I can to help in my areas of passion, both in the faith based not for profit sector and as a professional company director.
The Warehouse Group founder, Sir Stephen Tindall, said Powell has made a tremendous contribution to The Warehouse Group.
“His goal was to drive this phase of the strategic journey by starting with the customer and putting a real focus on people, culture and a clear way of working. This has provided the strategic path and investment required to transition the business from Red and Blue into a broader group encompassing new businesses, including financial services,” Tindall said.
“At the same time he addressed the changing market needs with online and digital demands. Mark has positioned the business well for a new leader to take the group on the next phase of its strategic journey and drive the results from these investments.”
The Warehouse Group chairman, Ted Van Arkel, thanked Powell for his leadership of the Group during a period of unprecedented change.
“Much has been achieved and I am confident that the strong base that has been built has set us up for future success. Mark’s commitment to work with us over the next ten months will ensure there is smooth leadership succession for the group,” Van Arkel said.