How Smart plays sustained JB Hi-Fi

Departing JB Hi-Fi chief executive Terry Smart defended the discount operator's unique sales model amid enormous competitive pressure, leaving the company in good stead for his successor.

Nearly four years ago, when Richard Uechtritz suddenly retired as JB Hi-Fi’s chief executive, the market was momentarily shocked and the group‘s shares were sold down sharply. Today’s announcement that Uechtritz’s successor, Terry Smart, will retire later this year was also not foreshadowed, but appears to have been digested more easily by investors.

Both Uechtritz and Smart were former Kodak executives who joined JB Hi-Fi to lead the private equity buy-out of the group in 2000. With Smart as chief operating officer, the duo oversaw the initial public offering of the group in 2003.

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