Mr Price CEO Stuart Bird to step down
Stuart will be succeeded by current CFO Mark Blair on January 1, 2019.
Fashion and homeware retailer Mr Price announced on Thursday that its CEO Stuart Bird will retire and be succeeded by CFO Mark Blair (pictured) on January 1, 2019.
Stuart, who has been CEO of Mr Price since August 2010 and an executive director since September 2006, will be retiring as CEO on December 31, 2018, and as an executive director at the end of March 2019.
Mr Price said Stuart’s retirement, shortly before he turns 60 years, has been anticipated by its board of directors.
“Stuart’s 25-year career with Mr Price, and particularly the past decade under his leadership as CEO, has seen the group grow into one of the top-performing retailers in Southern Africa, with a market capitalisation of over R60 billion,” said Nigel Payne, the chairman of Mr Price, in a statement.
“Over the eight years of Stuart’s leadership earnings have grown at a compound rate of 18.8 percent. Stuart’s success has been as a consequence of focusing on our customers and ensuring we provide the products that appeal to them. He has also taken key steps to create the infrastructure and capabilities upon which our future success will be built,” he said.
Stuart will be succeeded by Mark, 51 years, who currently serves as Mr Price’s chief financial officer (CFO). Mark has been Mr Price’s CFO since 2007 and an executive director since 2006.
Nigel said Mark is well placed to lead the next phase of Mr Price’s growth and geographic expansion. “He [Mark] is deeply committed to our culture and values, and enjoys the support of a strong leadership team,” he said.