EXCLUSIVE: Camera House CEO Dumped Despite 24% Increase In Sales
In a shock move CameraHouse, has dumped their CEO.
According to sources, Paul Shearer, who has been with the Camera House chain for 16 years was told that he was no longer needed despite the Company reporting 24.2% growth in the last year and further growth this financial year.
Currently CameraHouse is using a recruitment Company to search for a new CEO.
Staff have been told that the decision was taken because the board felt that they needed “need blood” to steer the Company forward.
Shearer who is one of the most experienced operators in the camera retail market is believed to have been “shocked by the move”.
One of the leading camera retailers in Australia Shearer has been credited with steering CameraHouse to growth in what has been seen as a difficult market.
Lance Miller the Chairman of CameraHouse who also runs the CameraHouse store in Coffs Harbour has not returned our calls.
In their latest financial filings CameraHouse reported revenues of $72.10M Vs $58.4M for the same period in 2014.
Profits rose to $2.2M from $1.48M.
Late last year at their annual Conference Lance Miller told the audience that under Shearers management the Company had captured greater market share, increased margins instore while recapturing the “enthusiast photographer”.
During the past year the Company expanded their warehousing capability due to the growth in their business.
The Company admitted that some stores had closed down in the past year and owners had been unable to sell their share in the holding Company Raleru Limited.
The Company that has been restricted from growing their digital operations due to a dispute over ownership of collateral in their current site recently commenced a new online initiative.
The Company that is looking to generate more business from mobile searches said recently “We need to find ways to embrace the consumer trend”. The Chairman urged CameraHouse owners to embrace digital.
Internal sources told ChannelNews that past digital strategies were “a mess” and that the Company had struggled to upgrade their current site due to digital content ownership issues.
ChannelNews understands that several CameraHouse stores are upset that digital camera vendors have been selling direct.
Several owners urged the board to take the matter up with manufacturers and distributors as direct selling was stripping business away from CameraHouse Stores.