Metcash appoints ex-Tesco chief as new CEO
Adams will step in to the four-year-role in December, succeeding Ian Morrice who in June announced his intention to retire after five years as chief executive, Metcash said on Tuesday.
Adams has held a number of senior positions with Tesco PLC over a 20 year period, including CEO of Tesco Kipa in Turkey, CEO of Tesco Lotus in Thailand, retail operations director of fresh & easy in the US, and director of operations of Tesco Express in the UK
He will join Metcash in September, on a $1.8 million per year pay package plus possible bonuses, and will work with Morrice for three months before formally starting as CEO in December.
After leaving Tesco in 2015, Adams has been operating as a business consultant working with a number of organisations across the US and Europe.
“Jeff has a lifelong passion for the retail industry, and is ideally suited to lead the company’s continued focus on ensuring the competitiveness and success of independent retailers,” Metcash chairman, Rob Murray.
“We undertook an extensive internal and external global search for a successor to Ian. Jeff’s deep international experience, including a strong track record in difficult retail market conditions made him a standout candidate for this role,”
Adams will join Metcash in September and Morrice will act as an adviser to the new CEO and Metcash board till June next year.
“Independent retailing is in my family, and I understand the vital role that Independents play in local communities and the economy more widely,” said Adams.
“I am very pleased with the excellent work done to strengthen Metcash’s financial position, and I look forward to working with Ian, the Board and the wider Metcash team as we continue to build on the good work done to reposition Metcash for the future.”
Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.
Global fashion giants H&M, Uniqlo and Zara announced the closure of their Australian stores this week, joining the… https://t.co/nUDYH9gp4T2 days ago
Harvey Norman moves to preserve cash, just two weeks after chairman Gerry Harvey said some product categories were… https://t.co/qTOtNYwFNF2 days ago