JAKARTA (TheInsiderStories) - PT Matahari Department Store Tbk (IDX: LPPF) announced its new Chief Executive Officer, Richard Gibson, the current CFO, effective Monday Aug 15, 2016.
Over the past 8 years, the company has recorded tremendous acceleration of the Matahari Department Store under Michael Remsen leadership, whereby together with his team, they have grown the business to more than IDR 16 trillion. Plans are in place to continue growing the Matahari business to reach even further in the years to come.
In accordance with the Matahari succession plan, the goal of the company and incumbent CEO (Michael Remsen) is to identify a new CEO well in advance of the end of the incumbent’s term, June 2017. Over the past several months the BOC, led by the Chairman, have identified and evaluated a number of internal and external candidates.
The timing of the appointment will allow a good twelve months for Michael to transition into a new role as Chairman of a new Executive Committee reporting to the BOC, and will allow Richard as much head start as possible to lead the company for the 2017. Michael will continue to work with Matahari Department Store and will form a platform to support, engage and leverage the total retail business of Matahari.
Richard joined Matahari in May 2010. Over the past 6 years as CFO, Richard has made significant contributions to the company and has earned the trust of the Matahari team and the investment community at large. He has over 25 years of experience having begun his career at Debenhams in London. Subsequently, he served as Vice President of Finance at Warner Brothers Stores, Retail Global Controller for Nike’s worldwide retail division, Chief Financial Officer of David’s Bridal, a division of May Department Stores, and Chief Financial Officer of Orchard Supply Hardware, a division of Sears.
Michael Remsen said “Richard has been a great partner and has been instrumental in helping to grow the business and drive profitability. He is the ideal candidate to ensure continuity and lead the company to even higher levels of performance.”
“The Board of Commissioners wish to take this opportunity to thank Michael for his dedication and effort and to congratulate him on his new position and wish him every success in taking the company forward. The board take this opportunity to also congratulate Richard on his new appointment and wish him every success for the future”, said John Bellis, Chairman of Matahari.
“During his time as CFO, Richard has un-doubtfully demonstrated his world class professionalism and core competence in retail business that has led Matahari business to grow even stronger. He has the ability to take on greater responsibility as the CEO of Matahari. We are confident Richard will lead Matahari to a greater levels of accomplishment and Matahari will retain its position as the most preferred department store in Indonesia’ said Sigit Prasetya, Commissioner of Matahari.