Metcash CEO to step down
Morrice, initially joined the Metcash Board as a non-executive Director on 12 June 2012 and was appointed Group CEO on 30 June 2013.
“It is a privilege to lead the Metcash business and work with such a passionate team of people who fight for the success of independent family business every day. Therefore my decision to retire has not been an easy one,” said Morrice.
Metcash chairman Rob Murray said, “Ian Morrice has made a significant contribution to the transformation and growth of Metcash. He successfully led a number of key strategic initiatives, including the ongoing transformation program, divestment of our automotive business and the acquisition of Home Timber & Hardware. We now also have a very capable management team in place to take the business forward.”
Morrice will remain as the Group CEO up to the time of appointment of his successor and through a process that ensures a smooth transition.
“Under [his] leadership, we have seen many of our Independent Retail customers improve their competitive position through implementing our transformation initiatives to deliver the ‘Best Store in Town’. [He] has also overseen the successful repositioning of the company with the delivery of a strong balance sheet and a lower cost base,” Murray said.
“The Board has been undertaking a comprehensive process of succession planning following earlier advice from [Morrice] that he was considering retiring at the end of five years in the role. We expect to be able to make an announcement on a successor in the near future.”
Food and grocery wholesaler Metcash’s full-year net profit has fallen 20.6 per cent, but cost savings and higher sales have helped it restart dividends. The company said net profit for the year to April 30 fell to $171.9 million, but sales revenue rose 5.4 per cent to $14.12 billion, helped by a 53rd trading week and revenue from the home timber and hardware business that was acquired in October 2016.