The appointment of Mark Powell as the new chief executive of
The Warehouse Group was accepted yesterday without any market
reaction.
Mr Powell (49) joined the The Warehouse Group in 2002 as the
general merchandise retail group general manager and interim
chief executive of The Warehouse Australia.
He will replace Ian Morrice who advised the board late last
year he intended to retire this year.
Craigs Investment Partners broker Chris Timms said Mr Powell
had done well at The Warehouse Stationery chain as its chief
executive.
"He has a pretty impressive record and has made Blue Sheds a
star performer."
Mr Powell had built up the Blue Sheds as a start-up company,
Mr Timms said.
Mr Morrice had weathered a torrid time with the entry of the
group into Australia but would leave the group in a sound
financial position of low debt and good cash flow.
However, the growth of the group had stalled and perhaps he
wanted to move on to something more dynamic, Mr Timms said.
The Warehouse chairman Kevin Smith said Mr Powell was a
seasoned executive with broad international experience in
leading significant operations, in problem solving and in
driving growth.
"I am confident he will make an outstanding contribution to
the development of the company over the coming years."
Mr Smith paid tribute to Mr Morrice's leadership during a
period of unprecedented change and difficulty in the retail
environment.
That was endorsed by the company's founder and non-executive
director Sir Stephen Tindall.
"Few people understand the challenges of leading a national
retail group with a very high market share during a period of
turmoil in the retail and financial sectors.
"I am one of those people and I have observed first hand the
outstanding leadership Ian has provided during his time at
the helm of The Warehouse," he said.
MARK POWELL
• Chief executive designate of The Warehouse Group
• Born 1961, married with two daughters
• An initial career in mining operations, then senior
management positions in: Logistics services with Tibbett and
Britten Group, Booker Food Services and PWC Consulting;
Retail with Iceland Plc, Tesco, Wal-Mart Canada and The
Warehouse Group.
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