Warehouse Group, the country's biggest listed retailer, will replace its chairman as well as its chief executive, with the announcement today that Keith Smith is stepping down as head of the board of directors.
The retailer also put a May 2 date on the replacement of CEO Ian Morrice with
designate Mark Powell.
The pair have been working together since Powell was tapped in February to ensure a smooth transition.
Morrice will remain at the company as a senior executive until November to support the board and close out a number of projects.
"Mark already knows the business well and has had sufficient time to reorientate himself with the Red Sheds business over the last few months," Morrice said in a statement.
"He is ready to take the reins from the beginning of the fourth quarter and I will assume a support role for the remainder of 2011."
Powell, whose CV includes roles at global retailers Tesco and WalMart Stores, was most recently CEO at Warehouse Stationery, known as the 'Blue Sheds'.
Keith Smith will step down as chairman having held the role since 1994.
He will be succeeded by Graham Evans, who has been a director with the company since 1998 and served as managing director of Woolworths NZ for 14 years.
Smith will remain as a director, taking on the role of deputy chairman, and will remain chairman of the disclosure committee and a member of the audit committee and the remuneration, talent and nomination committee.
The company's shares were unchanged at $3.52 on the NZX today and have gained 0.5 per cent so far this year.
