Mr Price CEO to retire at the end of the year
Stuart Bird was promoted from MD of Mr Price’s apparel division to CEO in 2010, he will be succeeded by CFO Mark Blair
Mr Price CEO Stuart Bird will be succeeded by CFO Mark Blair on January 1, the retailer announced on Thursday morning.
Bird was promoted from MD of Mr Price’s apparel division to succeed Alastair McArthur as the group’s CEO in 2010.
“Stuart’s 25-year career with Mr Price, and particularly the past decade under his leadership as CEO, has seen the group grow into one of the top performing retailers in Southern Africa, with a market capitalisation of over R60bn,” chair Nigel Payne said in the statement.
“Over the eight years of Stuart’s leadership earnings have grown at a compound rate of 18.8%. Stuart’s success has been as a consequence of focusing on our customers and ensuring we provide the products that appeal to them. He has also taken key steps to create the infrastructure and capabilities upon which our future success will be built.”
He will be retiring as CEO on December 31 and as an executive director in March shortly before turning 60 “as has been anticipated by the group’s board of directors”, the statement said.
Blair has been Mr Price’s CFO since 2007.
“Mark is well placed to lead the next phase of the Mr Price group’s growth and geographic expansion. He is deeply committed to our culture and values, and enjoys the support of a strong leadership team,’ Payne said.