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One of Australia's leading retail groups will lose a longstanding executive next year after Premier Investments (ASX: PMV) executive director Mark McInnes handed in his 12-month notice.
After McInnes leaves the role, as well as his CEO position at Premier Retail, he will have been with the Solomon Lew-backed group for more than a decade.
Premier Retail owns a range of well-known Australian brands including Peter Alexander, Just Jeans, Portmans, Jay Jays and Smiggle, which have recently undergone a staggering lift in profitability.
"On behalf of the Board I want to express our sincere appreciation to Mark. Premier has delivered year on year record operational and financial performance under Mark's leadership," says Premier chairman Solomon Lew.
"We have thrived in very challenging times while many of our competitors have struggled or failed.
"In discussions with Mark, he indicated his desire to commit more time to his family than the demands of his role allow. After a decade in the CEO role, I understand and fully support Mark's decision to leave for personal reasons."
Under his contract, Premier has the option to restrain McInnes from engaging in specified retail related activities for two years after he leaves.
"At this time, it is business as usual. The Board has commenced a process to ensure an orderly transition, including a comprehensive search," says Lew.
"Mark is currently on well-deserved annual leave and will be returning on 1 February 2021.
"I, and the Senior Executive Group, look forward to continuing to work with Mark during his notice period and working towards delivering a very strong full year result for 2021."
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