As expected Nick Wells the former CFO at JB Hi Fi has been appointed as the Companies new Group CEO.

Wells a long time employee who was appointed CFO when Terry Smart was appointed CEO of JB Hi Fi will take on the top job when Terry Smart retires on October 3 2025.

Earlier today the Board of JB Hi-Fi Limited announced the appointment of Nick Wells to succeed Terry Smart as Group Chief Executive Officer, following Terry Smart’s decision to retire.

Nick Wells left seen with Terry Smart

Nick joined the Company in 2009 and is currently the Group’s Chief Operating Officer and an Executive Director having been appointed to the Board in 2021.

Prior to his appointment as COO in October 2024, Nick was Group Chief Financial Officer for 10 years.

Nick has been heavily involved in the Group’s operations, growth and the implementation of significant strategic initiatives the Company claimed in a release to the ASX earlier today.

JB Hi-Fi Chairman, Stephen Goddard, paid tribute to Terry Smart.

“On behalf of our shareholders, the Board would like to express its thanks and appreciation to Terry for his significant contribution to the Company over many years since he first joined the Group in 20001″.

Having returned to the Group in 2017 after a short break, Terry spent 4 years leading the repositioning and significant performance improvement of The Good Guys business and, since his reappointment as Group CEO in 2021, the Company has seen significant growth in sales and profit and its share price rise to record levels. We are sorry to see Terry go and wish him all the best for the future.”

Commenting on his decision to leave JB Hi-Fi, Terry said “The decision to leave was a difficult one to make, having been involved with the Company for many years and being able to work with one of Australia’s and New Zealand’s best and most respected retail teams. I am proud of what we have achieved over the years.

“I have worked very closely with Nick for many years, particularly since my re-appointment as Group CEO in 2021. Nick has a great knowledge of the Group’s businesses and is highly respected by both our team members and stakeholders. With the support of the best retail management team in the market, I am sure that the Group will continue to go from strength to strength under Nick’s leadership.”

Goddard said “Nick’s appointment demonstrates the strength of the Company’s succession planning and the quality and depth of our management team. The Board is delighted in having a candidate of the calibre of Nick within our own ranks and we look forward to him applying his considerable talents to the role and putting his own stamp on the Company while continuing with the current strategy.”

Nick Wells said “I am excited to take on the role of Group CEO having been part of this great business for the past 16 years. In JB Hi-Fi, The Good Guys and e&s we have three of the most loved, respected and successful retail brands, overseen by an experienced and incredibly talented team. Our businesses are in great shape and are well positioned to maximise the opportunities ahead of them.

“I am fortunate to have worked closely with “Terry over many years and thank him for his outstanding leadership. I look forward to building on his great work in the future.”