Michael Hill promotes chief financial officer Phil Taylor to top job

Monday 6th March 2017

Michael Hill International, the jewellery chain business founded by its namesake, has promoted finance boss Phil Taylor to take over as chief executive.

Taylor, who has worked for Michael Hill since 1987 and had been chief financial officer since 2003, became acting CEO in August last year after longtime chief Mike Parsell resigned. His new appointment is effective immediately.

"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," chair Emma Hill said. "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."

In 2016, the company outlined a succession plan for the interests of the founding family, with 10 percent of the company to be transferred to trusts for daughter Emma Hill and son Mark from the family trust.

Taylor said he looked forward to leading the group. As CEO, he will be paid an AU$694,400 base salary, with short- and long-term incentives based on performance, and AU$325,500 in shares each year for three years.

The company posted a 3.4 percent increase in profit to A$25.8 million in the six months ended Dec. 31, 2016. The jewellery retailer opened eight new Michael Hill branded stores in the period, taking the total to 305, and eight new Emma & Roe branded stores, taking the total to 24. It plans to open another 10 Michael Hill stores and six Emma & Roe stores in the second half of the year.

Dual-listed Michael Hill shares were recently down 0.7 percent to $1.39 on the NZX, and are up 45 percent in the past year.

BusinessDesk.co.nz

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