JB Hi-Fi has announced a major restructure of their management team with long time executive Nick Wells promoted to Chief Operating Officer.
The announcement came at the same time that JB Hi Fi delivered a sales update that revealed that same store sales growth was up 5.2 per cent for July, JB Hi-Fi New Zealand sales were down 4.9 per cent and The Good Guys sales up 2.7 per cent.
Wells, who has been the group’s chief financial officer since 2014 is seen as a key contributor to the growth and management of the business that is seen as one of the most successful retailers in Australia and one of the most successful CE and appliance retailer worldwide.
Previously Terry Smart held the role of chief financial officer.
Previously he oversaw the finance, property, risk, sustainability and M&A functions and implemented significant strategic initiatives, including leading the acquisitions of The Good Guys in 2016 and of E&S in 2024 since he joined the company in 2014.
JB Hi-Fi said, “With the group’s further expansion, Nick’s new role as group chief operating officer will provide additional support to assist the growth of the brands,”.
David Giansalvo has been appointed to succeed Mr Well as the Company’s chief financial officer.
He is a chartered accountant with over 15 years of experience in senior finance leadership roles and previously was with the group between 2008 and 2011 before moving to the Catch Group.
He rejoined the business in 2016 taking on the role of group general manager – analysis & planning he was also involved in investor relations and the Companies Commercial Finance business.
Both executives will report to chief executive Terry Smart.
ChannelNews understands that Wells was involved in the acquisition of E&S a Melbourne based Company that will be used to spearhead JB Hi Fi further into the premium appliance market as well as the commercial building and renovation market, with the Company using their recent acquisition to take on the likes of Winnings and Harvey Norman Commercial.
Smart said, “We don’t think let the economic outlook restrict how we think about the growth of the business, there may be less shoppers but those that are buying we just make sure we work hard every day that they buy from us,” he said.
More to follow.
