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Michael Hill appoints new CEO

Michael hill 2Jewellery retailer, Michael Hill has appointed its long-serving chief financial officer.Phil Taylor, as its CEO effective immediately.

Taylor has been with the company since 1987 and was appointed CFO in 2003. In this time frame, the company has grown from 10 stores in New Zealand to 328 stores across two brands and four countries, with annual revenues increasing from $8m to $551m.

“The board has been committed to finding a world class CEO to lead the group into the future and we’re thrilled that Phil has emerged as our preferred candidate following an extensive international search process,” said Emma Hill, chair of Michael Hill.

“Phil has a deep understanding of our business and is well respected throughout the group.

“The board has been particularly impressed by the fresh perspectives and decisive action that have been evident since Phil was appointed as acting CEO and we are excited by the potential we see for Phil to unlock new opportunities and new streams of value for the Group.”

Taylor had been serving as interim chief executive during the company’s search  for a replacement after Mike Parsell resigned in August last year.

“I am delighted to have been offered this role and I’m thankful to the board for their continued faith and trust in my ability,” said Taylor. “I have been very privileged to work with the amazing Michael Hill team for the last 30 years.

“As CEO, I look forward to leading the group. We have an exciting future ahead of us.”

Earlier this year saw the jewellery chain and subsidiary brand, Emma & Roe, record a mixed half year result, with recorded total store sales growth of 5.7 per cent for the six months to December 31 last year, which it says it achieved in the fact of choppy macro conditions and competitors’ rampant discounting pre-Christmas. However the New Zealand segment finished down 1.5 per cent for the half, with one new store opened in Christchurch giving 53 stores trading at the half year.

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