Home > Latest News > BREAKING NEWS: Is Dick Smith CEO Set Be Replaced By BigW Executive

BREAKING NEWS: Is Dick Smith CEO Set Be Replaced By BigW Executive

BREAKING NEWS: Is Dick Smith CEO Set Be Replaced By BigW Executive
BREAKING NEWS: Is Dick Smith CEO Set Be Replaced By BigW Executive

According to ChannelNews sources Aboud has been given 4 months’
notice as per the terms in his contract.

Earlier today Algy Periera resigned from BigW, he was then
walked to the door by Woolworths security.

It is not known when Periera will take up his new role at
Dick Smith however insiders claim that he will not start until April 2016.

Dick Smith shares rose today to $0.35 cents.

 Yesterday, 

Shares in electronics retailer Dick Smith  crashed by as much as 69 per cent after the company surprised investors with a $60 million earnings impairment.

In a statement released to the ASX, Dick Smith said November trading was below expectations and the company’s stock holdings remained above management’s preferred levels.

“We remain cautious, on the outlook for the Christmas trading period,” Dick Smith managing director and CEO Nick Abboud said yesterday. 

“We will continue to drive sales, maintaining flexibility on gross margin to reduce inventory and improve our net debt position.”

The company also said it was unable to reaffirm its earlier profit guidance.

In October, Dick Smith said it anticipated profits would be $5 million to $8 million lower than its previous guidance of $45 million to $48 million.

Up until today, Algy Pereira was Head Of Trade and family entertainment spanning Toys & Sporting, Books & Entertainment at BIG W.

He was previously, General Manager – Electrical/Entertainment and Buying at Myer. 

In that role he was responsible for the development and implementation of key strategies to drive the Entertainment/Electric business. 

Departments included Computers, TV’s, Appliances, Toys, Photo, Portable Audio, Music, Movies, Gaming & Books.