Pacific Retail Group (PRG) has replaced the chief executive of its struggling British retail chain PowerHouse.
Peter Halkett is handing over the top job to Chris Onslow.
PRG said in a statement Mr Halkett had groomed Mr Onslow for the role.
Mr Onslow, a Briton, joined PowerHouse in August last
year as sales director and was recently promoted to managing director, retail.
PRG said Mr Halkett would work in an advisory capacity through a three-month transition period with Mr Onslow, and would remain a PowerHouse board director.
PRG acting chief executive Steve Smith said the move had been on the cards for several months, with Mr Halkett in discussions with the PowerHouse board during the last quarter of 2004.
PRG said Mr Halkett has fulfilled the commitment he took on with the role at the start.
"Aside from building the management team, Peter Halkett's achievements in the first full phase of turnaround include stabilising the business, securing the support of credit insurers, key suppliers and landlords, getting sales back on track, bringing the business through two peak trading periods and establishing a robust business plan towards a full year breakeven in 2007," Mr Smith said.
Mr Halkett said the time was right to make the transition. "It's been a tremendous and rewarding challenge re-establishing a business that was bought out of receivership," he said in a statement.
PRG has also recently appointed New Zealander Bruce Gordon, the former general manager operations of The Warehouse to the PowerHouse team.
In late January PowerHouse forecast it would post a $13.2 million operating loss for the six months to March 31 after disappointing revenue in the two weeks leading up to Christmas. Its aim had been to break even for the six months.
PowerHouse lost $50.3 million in the seven months to the end of March 2004 and another $39.2 million in the six months to the end of September.
PRG bought PowerHouse from its receivers in September 2003 for $47 million.
Shares in PRG were down 3c to $2.05 in early trading, having ranged between $1.87 and $2.31 over the past 12 months.
- NZPA
