Ian Morrice has announced his retirement after five years as group chief executive officer of leading Australian wholesaler and distributor Metcash.
He joined the company, which supplies groceries to IGA, as a non-executive director in 2012 before being appointed CEO in 2013.
Metcash chairman Rob Murray said Morrice had made significant contributions to the growth of Metcash.
“He successfully led a number of key strategic initiatives, including the ongoing transformation programme, divestment of our automotive business and the acquisition of Home Timber & Hardware. We now also have a very capable management team in place to take the business forward.”
Morrice added that his decision to retire had not been an easy one.
“It is a privilege to lead the Metcash business and work with such a passionate team of people who fight for the success of independent family business every day,” he said.
Morrice will stay on until a successor has been appointed to ensure a smooth transition.
The announcement comes as Metcash released its full year results to 30 April 2017, with a 20.6 per cent drop in net profit to A$171.9m.
Sales revenue grew 5.4 per cent to A$14.12bn, compared to the year prior, which
includes A$521.5m in sales from its Home Timer & Hardware business that was acquired in October 2016, as well as sales of A$253.5m from a 53rd week of trading.
Supermarket sales dropped 0.6 per cent, with wholesale grocery sales dropping 4.3 per cent.
The report said there had been improved sales in Eastern states but weaker sales in South Australian (SA) and Western Australia (WA), due to “closures, deflation, difficult economic conditions in Western Australia, and increased competition including the expansion of competitor footprint in South Australia and Western Australia”.
During the year, 32 new stores opened with 35 new stores due to be open during the 2018 financial year.
