The Warehouse appoints CEO designate

Tuesday 8th February 2011

Warehouse Stationery chief executive Mark Powell is to take over the top job for the whole of The Warehouse Group from Ian Morrice later this year.

The company today said it had considered internal candidates, and carried out a search in this country and internationally for the group chief executive position since Mr Morrice announced last year that he intended to retire from the job in 2011.

Powell was an experienced retailer who had senior roles in Britain, Canada and Spain working with international companies such as Tesco and Walmart, The Warehouse said.

Since his arrival in New Zealand in 2002, he had acted as a consultant to major Australasian retail companies and had held senior roles with The Warehouse.

As Warehouse Stationery chief executive, Powell had led a team achieving a significant financial turnaround and implementing a robust growth strategy.

Powell had been appointed CEO designate, with the management change to be effected through a transition period in the coming months.

During that time he and Morrice would work together with the date of the final handover to be agreed between them. After that Morrice would support Powell and the board until the end of November.

The Warehouse chairman Keith Smith said that since Morrice joined the company in 2004, competitive non-food retail footprint in this country had grown by about 40%.

In recent years the retail sector had been battered by the most difficult economic and financial conditions seen in several decades, making competition even more intense.

"The Warehouse has withstood these conditions well, maintaining sales and remaining strongly profitable," Smith said.

The company's non-grocery market share of 7.6% was down from earlier levels but was still the largest for a comparable business in any domestic developed market.

"Meanwhile the company has maintained a strong financial performance, reduced debt significantly and returned more than $500 million to shareholders by way of dividends," Smith said.

"It is also strongly positioned for future growth through multi-channel development, the re-commencement of space growth, the introduction of new brands and product categories, and supply chain and sourcing developments."

Company founder and non-executive director Sir Stephen Tindall said few people understood the challenges of leading a national retail group with a very high market share during a period of turmoil in the retail and financial sectors.

"I am one of those people and I have observed first hand the outstanding leadership Ian has provided during his time at the helm of The Warehouse."

NZPA

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