Food, grocery wholesaler and hardware group, Metcash has been quick to find a replacement for its existing CEO, Ian Morrice.
The company told the ASX yesterday that it had appointed former British supermarket giant Tesco executive Jeff Adams as its next CEO.
Mr Adams starts in the role in December, succeeding Mr Morrice who last month announced his intention to retire after five years as CEO.
His announcement came with the release of the company’s latest full year financial results on June 26 which revealed an earlier than expected return to dividends for shareholders.
Metcash said its new boss had held a number of senior positions with the UK retailer over a 20-year period, including as chief executive of Tesco Kipa in Turkey, CEO of Tesco Lotus in Thailand, and director of operations of Tesco Express in the UK.
His appointment is for four years and he joins Metcash in September and will work with Mr Morrice for three months. He will be paid a package of $1.8 million a year with possible bonuses.
Metcash shares closed up 2.9% at $2.47 yesterday. The shares are up 13% since the full year profit and other announcements on June 26.
