Long-serving Warehouse CFO steps down

Friday 17th February 2012 1 Comment

Long-serving Warehouse Group chief financial officer Luke Bunt has resigned, extending an overhaul of the retailer executives.

The company will immediately begin looking for a replacement for Bunt, who will officially leave at the end of April after 10 years in charge of the retailer’s books. He follows former chief executive Ian Morrice, who was replaced by Warehouse stationery boss Mark Powell in May last year. At the same time as Morrice’s exit, director Keith Smith gave up the chair to former Woolworths NZ managing director Graham Evans.

“Over the past three years Luke has driven the company’s property programme including land acquisitions and divestments, new stores and the company’s most recent retail centre developments in Silverdale and Royal Oak,” the company said in a statement. “He has been instrumental in rationalising the group’s operating activities including the exit from Australia, growing the company’s financial services business and in strengthening the group’s financial position and funding arrangements.”

Last year’s change at the top of the company came after a period of disappointing sales, and Warehouse has yet to quell that decline, cutting its full-year profit forecast earlier this month.

Retailers have had to contend with an unfavourable climate where consumers are unwilling to ramp up spending, preferring to repay bank debt instead. That’s forced heavy discounting in certain sectors, diminishing the appeal of low-price vendors like Warehouse.

The company’s shares rose 2 percent to $2.55 in trading yesterday, and have shed 17 percent this year.

BusinessDesk.co.nz

Comments from our readers

On 19 February 2012 at 6:25 am Terry Jones said:

The Warehouse has lost it's way and has not learned from it's own Warehouse Stationery experience. Why are there no Warehouse Homewares stores, no Warehouse Apparel stores, no Warehouse Outdoor & Leisure stores and so on? The successful competition is coming from the likes of Briscoes, The Farmers and Spotlight all of which have tighter product ranges and more depth.