Home retail company Adairs Ltd (ASX:ADH) has announced that managing director and CEO Mark Ronan – who has been a leader in the company for 17 years and held the former two roles for the previous 8 years- will be stepping down early next year.
Mr Ronan’s experience included playing an important role in Adair’s IPO in 2015, becoming CEO the following year and heading up two acquisitions to diversify the group.
Not to mention the challenges which came with Covid 19 and its impact on the retailing world.
Adairs is engaged in the process of identifying and appointing a successor, a process which will be aided somewhat by Mr Ronan’s decision to stay on into early 2025.
Mr Ronan said he would focus on supporting the company through the transition period.
“Adairs has been a large part of my life for nearly two decades and I feel that the time has come to make a change, consider what the future holds, and pursue new opportunities,” he said.
“This was not an easy decision and I will certainly miss the friendship, support and passion of our team, who have been and always will be critical to the Group’s success.
“Recognising this, my focus is on managing the Company and supporting our team through the transition period ahead.”
Adairs is involved in retailing home furnishings, home furniture and home decoration products with reach across Australia and New Zealand and through three vertically integrated brands, Adairs, Mocka, and Focus on Furniture.
Shares in the company fell slightly on the news. At 12:26 AEST, they were trading at $1.95 – a fall of 1.77% since the market opened.