The appointment of Mark Powell as the new chief executive of The Warehouse Group was accepted yesterday without any market reaction.
Mr Powell (49) joined the The Warehouse Group in 2002 as the general merchandise retail group general manager and interim chief executive of The Warehouse Australia.
He will replace Ian Morrice who advised the board late last year he intended to retire this year.
Craigs Investment Partners broker Chris Timms said Mr Powell had done well at The Warehouse Stationery chain as its chief executive.
"He has a pretty impressive record and has made Blue Sheds a star performer."
Mr Powell had built up the Blue Sheds as a start-up company, Mr Timms said.
Mr Morrice had weathered a torrid time with the entry of the group into Australia but would leave the group in a sound financial position of low debt and good cash flow.
However, the growth of the group had stalled and perhaps he wanted to move on to something more dynamic, Mr Timms said.
The Warehouse chairman Kevin Smith said Mr Powell was a seasoned executive with broad international experience in leading significant operations, in problem solving and in driving growth.
"I am confident he will make an outstanding contribution to the development of the company over the coming years."
Mr Smith paid tribute to Mr Morrice's leadership during a period of unprecedented change and difficulty in the retail environment.
That was endorsed by the company's founder and non-executive director Sir Stephen Tindall.
"Few people understand 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," he said.
MARK POWELL
• Chief executive designate of The Warehouse Group
• Born 1961, married with two daughters
• An initial career in mining operations, then senior management positions in: Logistics services with Tibbett and Britten Group, Booker Food Services and PWC Consulting; Retail with Iceland Plc, Tesco, Wal-Mart Canada and The Warehouse Group.
