One of the giants of Australian retailing has finally taken his leave of the company he founded and the sector he helped create 51 years ago from his home in Brisbane.
Reg Rowe, founder of the Super Cheap Auto company and then CEO and chair of its listed successor Super Retail Group, has stepped down as a non-executive director and replaced by Mark O’Hare, a senior executive from his private company which is still a big shareholder in the company.
Mr Rowe is also Super Retail’s biggest shareholder with a 29% stake and he said yesterday he had assured the company “that I intend to remain a committed, long-term shareholder in the company that I am so proud to have started.”
In 51 years, he helped create a company now valued at more than $2.9 billion. His personal stake is worth more than $840 million of that valuation.
Super Retail shares closed at $13.09 on Wednesday. That left them up around 455% from their listing in July 2004 when they were $2.36. They hit an all-time high of $13.92 in late 2013.
Mr Rowe’s commitment to the board takes SUL off the market so far as stalkers are concerned (private equity). His private property interest are worth hundreds of millions of dollars on top of the value of his Super Auto stake.
Super Retail said in a statement to the ASX that Mr O’Hare was nominated by Mr Rowe as his nominee Non-Executive Director.
“He is Mr Rowe’s long-time business adviser and is the Chairman of the Advisory Group of Re-Grow Capital Group, which is Mr Rowe’s private investment group.
He will stand for re-election at the AGM in October and naturally, the Super Retail Group Board supports Mr O’Hare’s nomination.
With his late wife Hazel, Mr Rowe founded Super Retail Group’s original business in 1972 and served as Managing Director until 1996. He was Chairman from 1996 to 2004 and has been a Non-Executive Director since the company listed on the Australian Securities Exchange in 2004.
He is one of the country’s wealthiest people with a fortune in the hundreds of millions of dollars. Through Re-Grow he controls around 40 big box retailing buildings and owns many of those used by Super Group and its Super Cheap autoparts chain, its Rebel sportswear stores and BCF outdoor and leisure outlets.
Super Retail Group Chair Sally Pitkin said “Reg is a giant of Australian retailing. He has been pivotal to the development of Super Retail Group into Australia’s leading high-involvement lifestyle retailer and instrumental in positioning the business for sustainable growth.
Reg Rowe said “While I remain as passionate about the company as I did when I started in the business, now is the right time for me to step aside from my role on the Board. The Group is in good hands under the stewardship of an experienced Board and management team, and with a strategy that will enable Super Retail Group to continue to innovate, grow the business and deliver value for our shareholders.”
