‘Business as usual’: Mark McInnes steps down from Solly Lew’s Premier Investments

Billionaire rag trader Solomon Lew has declared that it is “business as usual” at his $3.9 billion fashion retailer despite the unexpected departure of chief executive Mark McInnes.

Premier, which runs Smiggle, Peter Alexander and Just Jeans, told investors on Monday morning that Mr McInnes had advised he planned to step down from his role. He must serve a compulsory notice period of one year and will have been in the job for a decade by the time he exits.

Mark McInnes will serve a 12-month notice period and the company has the option to restrict him from retail roles for two years.
Mark McInnes will serve a 12-month notice period and the company has the option to restrict him from retail roles for two years. Credit:Paul Jeffers

Premier chairman Solomon Lew said that Mr McInnes had decided to leave his post due to his “desire to commit more time to his family than the demands of the role allow”.

“At this time, it is business as usual. The board had commenced a process to ensure an orderly transition, including a comprehensive search.”

Advertisement

The search for a replacement will include internal and external candidates, including potential overseas talent.

Last week Premier told investors a surge in online sales throughout the pandemic had seen it nearly double earnings in the first half of the financial year.

The company’s share price hit a record high of $25.40 when the market opened last Wednesday. Shares are up 20 per cent over the past 12 months.

The company’s success through the pandemic has also raised some questions from shareholders, however. Premier received a rare “first strike” protest vote last December over its decision to pay out dividends and an executive bonus to Mr McInnes while also receiving JobKeeper payments.

Mr McInnes is currently on annual leave but will return in February to work out his notice period and deliver a “very strong” full year result for the year, the company said in a statement.

The company will also have the option to restrain Mr McInnes from involvement in specific retail roles for two years after he finishes at Premier.

Most Viewed in Business

Source: Thanks smh.com