Michael Hill's Parsell steps down after 16 years leading jewellery company
Mike Parsell joined the company when it operated just three stores.
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Hawke’s Bay
Michael Hill International [NZX: MHI] chief executive Mike Parsell is to step down after 16 years leading the jewellery company that bears its founder's name.
Mr Parsell joined the company when it operated just three stores and has stayed with the retailer as it has grown to 300 outlets in Australia, Canada, New Zealand and the US, as well as rolling out its Emma & Roe brand.
Michael Hill chairwoman Emma Hill said chief financial officer Phil Taylor, another company veteran, having joined in 1987, will be acting chief executive until a permanent replacement is found. Mr Taylor has been CFO since 2003.
Mr Parsell said it was "a good time for a change in leadership as the business is performing well and has a stable and experienced leadership team."
In June 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.
Last month the retailer gave guidance for sales and earnings for the year ended June 30, with 8.9% revenue growth and earnings before interest and tax in the range of $46-48 million.
Michael Hill shares, which now have their primary listing on the ASX, were unchanged at $1.51 on the NZX, having soared 53% this year.
(BusinessDesk)
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Jonathan Underhill
Mon, 08 Aug 2016
Mon, 08 Aug 2016
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Michael Hill's Parsell steps down after 16 years leading jewellery company
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