Leading Edge Retail promotes Charlie Davey to CEO

Leading Edge Retail has promoted Charlie Davey to CEO of its Australian operation following the resignation of Lee Scott.

Davey has served as chief operating officer since joining the company in November 2018.

"Charlie is well known to the business, having served on the leadership team for the last five years," Leading Edge's board said in a statement.

"He is a consummate retailer whose experience prior to joining Leading Edge included Camera House, Optus and Big W."

Davey will assume his new role on 31 December when Scott steps down to pursue semi-retirement, having been appointed CEO in May.

Leading Edge said Scott took the role "at a time when the business was under significant pressure given the continuing challenges of the Australian retail marketplace and associated cost of living issues."

"[Scott] maintained and enhanced the company’s position which has seen continued growth in initiatives such as Staff Shop, Leading Edge Appliances, Diamond Republic, Category and Essentials Membership offerings," Leading Edge's board said.

"Under his stewardship, membership has continued to grow and the financial performance of the business has stabilised."

"The board has taken the opportunity to thank Lee for his tremendous efforts and support. Not just as CEO but his work with Leading Edge that stretches back to 2004."

Scott has agreed to serve on the company's newly created executive committee, which will be chaired by Davey and provide him with "additional advice and experience to the many complexities that make up Leading Edge Australia."

The committee will also include the company's current director and former CEO Simon Lane, as well as current executive consultant and ex-CEO Graham Dear.

Davey's appointment comes after Leading Edge made several changes to the business earlier this year.

"The board took the tough decisions at the end of last financial year to restructure the Australian business and exit the New Zealand market," it said.

"These decisions have led to a continued improvement in business performance to date, where budget continues to be achieved in this financial year. Membership grows and other initiatives continue to prosper."

"There are good cash reserves and the UK business is now in record breaking areas in financial performance."