“Driving our success has been Metcash’s continued focus on championing successful independents, and the board and I have been wholeheartedly committed to this cause,” he said.
“Given my length of service as chairman, and with the successful transition of a new group CEO, I believe this is the right time for me to retire from the board. Peter is well-placed to take over from me, and I am confident he will be an excellent chairman of Metcash.”
Shares in the $4 billion Metcash fell slightly in morning trade, down 3¢ to $4.17 each.
Executive shake-up
New Metcash chief executive Doug Jones took the helm of the grocery wholesaler in February. The company also operates hardware businesses Mitre 10, Home Improvement and Total Tools.
Former chief executive Jeff Adams surprised investors in October by stepping down to make way for Mr Jones, who was CEO and senior vice-president of South Africa’s Massmart Wholesale.
Mr Birtles said Metcash had a strong board and management team, with good plans to continue improving the competitiveness of its retail networks.
Metcash recently posted a strong 2022 result when earnings jumped nearly 18 per cent to $472 million, ahead of analysts consensus. The company also announced it will build a new food distribution centre in Victoria for a total capex of $70 million.
Former PwC senior partner Mark Johnson has also joined Metcash as a non-executive director. Mr Johnson is a highly experienced company director and holds directorships at Boral and Goodman Group, and formerly in Coca-Cola Amatil.
