JB Hi-Fi chief executive Richard Murray has been appointed as group CEO following the $870 million acquisition of whitegoods retailer The Good Guys.
As a result, JB Hi-Fi merchandising director Cameron Trainor has been promoted to chief executive of JB Hi-Fi, while Good Guys chief executive Michael Ford will continue in his role.
Trainor joined JB Hi-Fi in 2009 as merchandise director after a 29-year career in various senior management roles at Coles Supermarket Group. He also took on marketing responsibilities for JB Hi-Fi after the marketing director position was cut in April 2016.
JB Hi-Fi revealed that it would acquire The Good Guys last month after months of speculation. The deal ads 101 Good Guys stores, which sells whitegoods and electronics, to JB Hi-Fi's 195 store base. The company expects to net between $15 million and $20 million in net synergies per year.
Murray said JB Hi-Fi is focusing on the busy Christmas trading period, but integration planning with The Good Guys has already begun.
While the acquisition gives JB Hi-Fi a huge leg up in the whitegoods market, the retailer has also quietly been building up its enterprise services business. Murray has previously stated the goal is to reach $500 million in revenue from enterprise services alone.
JB Hi-Fi reported $3.95 billion in revenue in the 2016 financial year, an increase of $300 million. Murray used the company's annual general meeting on Thursday to reconfirm 2017 sales forecast of $4.25 billion. He added that total sales for the first quarter of 2017 were up 12.4 percent in line with expectations.
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