He has extensive experience in corporate governance, mergers and acquisitions, finance and supply chain leadership roles across a range of listed corporate groups with Australian and offshore operations.
Michael Hill chairman Rob Fyfe said: “Following Daniel’s passing, the board is confident in Andrew’s ability to steer the Michael Hill Group through this period of transition drawing on his extensive strategic, financial and operational experience as well as his enthusiasm and passion for the Michael Hill business and our people.”
“Andrew is well supported by a very experienced and highly effective executive leadership team, who are well equipped to deliver on our strategic priorities and execute the Group’s business plan.”
Alongside Lowe’s appointment, current director Claudia Batten has been promoted to the position of deputy chairwoman.
She has been on Michael Hill’s board since August 2024, formerly running the North American operations for New Zealand Trade and Enterprise (NZTE).
Batten is also a director of Air New Zealand and Vista Group International, as well as the chairwoman of Serko.
Batten will provide support to Lowe throughout his interim tenure with additional support from Fyfe and Michael Hill’s chair of the audit and risk management committee Gary Smith.
Passionate leader
On Wednesday last week, Michael Hill announced the death of Bracken “as a result of an adverse reaction to medical treatment for an underlying medical condition”.
“The board, executive and all of the Michael Hill team express their deepest and sincerest condolences to his family and friends.”
“On behalf of the board, we thank Daniel for his outstanding leadership and dedication to the Michael Hill Group and our people over the past seven years.”
Bracken was described by the company as a “passionate retailer, an innovative and strategic thinker and an inspiring leader”, who transformed the business into what it is today.
On February 24, the company reported group revenue of A$360.2 million ($398.98m) for the half-year to December 29, down 0.7% compared with the previous corresponding period (A$362.7m).
Comparable earnings before interest and tax (ebit) fell to A$24.1m – at the upper end of previous guidance – compared with A$31.3m in the first half of 2023.
Statutory net profit after tax for the half year increased to A$16.9m, up from A$15.4m.
The group’s New Zealand stores posted a 7.4% fall in revenue to $60.5m for the half year and a decrease of 7.8% on a same-store sales basis.
Tom Raynel is a multimedia business journalist for the Herald, covering small business and retail.
