Dick Smith Management Reshuffle
Dick Smith CFO, Michael Potts and Robert Murray, have been appointed as board Directors, effective immediately.
Murray, a former CEO of Lion Nathan, has been appointed as Independent Non-Executive Director and Potts as an Executive Director, retiring as Company Secretary.
David Cooke, Dick Smith’s Director Investor Relations will replace Potts as Secretary.
The retailer will announce its first full year financials on Tuesday August 19, when all eyes will be on the company to see if it can deliver on its forecasts and strong H1 performance.
Dick Smith’s half year sales to June 30 saw a strong lift in its Australian stores, with like-for-like sales up 4%.
NPAT guidance for FY14 is forecast at $40 million and earnings (EBITDA) of $71.8 m on sales of $1.2 billion.
“We are delighted to welcome executives of the calibre of Rob and Michael onto the Dick Smith Board. Both bring complementary skills and experience to the existing Board composition with extensive business, financial and retail backgrounds,” Cave said.
“Since joining Dick Smith in September 2013 as the Chief Financial Officer, Michael’s been instrumental in guiding the Company during the IPO and in ensuring our Prospectus forecasts are achieved,” said Cave.
Potts will receive an annual fixed salary of $500,000 (including super) and is eligible to receive an annual cash-based short-term incentive of up to 40% of fixed salary for achieving financial, strategic and operational KPIs.
Murray spent 8 years as CEO of Lion and also was CEO for Nestle’s Oceania Region, and a sales and marketing executive with Spillers Foods (UK) and Procter & Gamble (UK).
He is a Non-Executive Director of ASX-listed Super Retail Group, and unlisted Lion Pty Ltd, Linfox Logistics Pty Ltd and the Kirin International Advisory Board.
In accordance with the Company Constitution, Murray and Potts will offer themselves for election to the Board by shareholders at the Dick Smith AGM, to be held in October.