Foodstuffs South Island names new CEO: Fashion retail boss Mary Devine takes helm

Mary Devine has worked most of her life in the fashion retailing sector. Photo / supplied

The South Island's biggest supermarket business has a new boss who has worked most of her career in the retail fashion sector.

Mary Devine is taking over as Foodstuffs South Island's chief executive, replacing Steve Anderson who has been in that position for the past 20 years, the business said today.

The 226-store southern operations of New World, Pak'nSave, Four Square, Trents, Henrys and Raeward Fresh will now be headed by a woman for the first time.

Devine has been a Foodstuffs director since 2018 but before that was managing director of Hallenstein Glassons.

She has been chief executive of EziBuy and managing director of Christchurch and Timaru upmarket retailer Ballantynes & Co.

She has been a director of Meridian Energy, Christchurch City Holdings and insurance giant IAG NZ.

Devine has education qualifications from Otago University, Canterbury University and Harvard Business School and is a Christ's College board member. She has a national award, made an Officer of the New Zealand Order of Merit. She is also an NZ Institute of Directors fellow.

Her LinkedIn profile says she is an experienced chief executive in large-scale organisations and company director on listed and private boards, with a demonstrated history of strong commercial acumen and expertise in strategy and transformation, driven to make an active contribution to the community.

Devine said she is proud of her South Island heritage and is well connected within the community.

She starts on November 8.

Last week, the Herald reported on accounts out for Foodstuffs North Island and Foodstuffs South Island showing combined revenue in the latest year increased to $6.9 billion, but owner/operator distributions were cut for the northern owners because of to higher expenses from Covid.

Foodstuffs South Island has 226 southern stores. Its members earned more in the latest financial year.

Its annual report for the year to February 28, 2021 showed revenue also up, from $3.1b to $3.2b. Net profit after tax fell from $8m last year to a $2.3m loss this year, mainly because operating expenses rose from $274m to $306m.

Distributions to Foodstuffs South Island members were rebates, dividends and imputation credits totalling $315.7m, up $24.4m or 8.4 per cent.

"The significant rise comes from monthly rebates, up $20m due to higher sales volumes and a continued increase in the proportion supplied from our distribution centres," the annual report said.

"Despite a net trading loss of $2.3m, our total recognised income and expenses, taken to balance sheet reserves were a positive $4.3m. Abnormal expenses noted from property and investment provisions, and a tax credit due to changes in building depreciation were offset by investment revaluation gains from The Warehouse Group shares."