Michael Hill promotes chief financial officer Phil Taylor to top job
Phil Taylor has worked for Michael Hill since 1987 and has been chief financial officer since 2003.
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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 chief executive 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 Phil has emerged as our preferred candidate following an extensive international search process," chairwoman 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 him 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% of the company to be transferred to trusts for daughter Emma Hill and son Mark from the family trust.
Mr Taylor said he looked forward to leading the group. As CEO, he will be paid an $A694,400 base salary, with short- and long-term incentives based on performance, and $A325,500 in shares each year for three years.
The company posted a 3.4% increase in profit to $A25.8 million in the six months ended December 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% to $1.39 on the NZX, and are up 45% in the past year.
(BusinessDesk)
Sophie Boot
Mon, 06 Mar 2017
Mon, 06 Mar 2017
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Michael Hill promotes chief financial officer Phil Taylor to top job
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