Michael Ford, the CEO of The Good Guys, is leaving the home appliance chain after the $870 million takeover by electronics retailer JB Hi-Fi
“After 13 years with The Good Guys it was a hard decision to make,” Ford says.
“Having been with the business since 2004 and most recently navigated the business through the buy-out of the joint venture partners, the potential listing, and the sale process to JB Hi-Fi, I believe this is the right time for me to seek new challenges and for the business to move forward under new leadership.”
He will be replaced by Terry Smart, a former CEO of JB Hi-Fi.
JB Hi-FI also released a market update showing JB Hi-Fi’s comparable sales growth for the March quarter at 8.2% and total sales at 10.8%.
The Good Guys had comparable sales growth of 1.2% and total sales growth of 2.6%.
JB Hi-Fi reaffirmed guidance for full year sales of $5.58 billion and underlying net profit after tax in the range of $200 million to $206 million, an increase of 31.4% to 35.4%.