Health issues force Michael Hill CEO to resign
Written on the 21 September 2018 by David Simmons
Less than eight months into the job the CEO of jeweller Michael Hill (ASXL MJH) Phil Taylor (pictured top) has resigned.
Citing the diagnosis of a "health issue", Taylor will step down to focus on his treatment and recovery.
In his place is Daniel Bracken (pictured right), the now former CEO of Specialty Fashion Group (ASX: SFG). With more than 25 years of experience in retail and fashion, Bracken will bring his know-how to the Michael Hill brand.
Bracken recently led SFG's mass exodus of brands, which involved the divestment of Millers, Katies, Crossroads, Autographs and Rivers from the SFG portfolio.
The new CEO has also worked in international luxury brands like Burberry London, as well as the deputy CEO of Myer and CEO of The Apparel Group (owner of Sportscraft, Saba, Willow, and JAG fashion brands).
Emma Hill, the current chair of Michael Hill, says Bracken is the ideal person to serve the Michael Hill customer base.
"Daniel's global experience and strong commitment to create engaged customer centric brands is aligned with the Board's commitment to see Michael Hill become a globally relevant leader in the premium jewellery category with a deep engagement and commitment to our customers and the communities we serve," says Hill.
"We are confident that Daniel is the right candidate to successfully lead the company against the backdrop of a rapidly-chanigng retail environment."
Hill says that Taylor will remain with the business in a consulting role six months as he embarks on his road to recovery.
Michael Hill recently reported its rough year which was one of recalibrating of its core businesses.
The closure of Michael Hill's United States arm in addition to its fledgling Emma & Roe brand materially impacted the jewellery retailer's FY18 results.
The jeweller's statutory net profit fell 85.9 per cent to hit $4.6 million during FY18.
Business News Australia
Author: David Simmons