Warehouse names Sears man new chief executive

The company posted adjusted full-year profit of $57.1 million, having previously forecast a range of $52 million to $56 million. Photo / NZME.

The Warehouse Group said it had appointed Nick Grayston, who has held a number of positions with the top US retailer, Sears Holdings, as its next chief executive.

The appointment follows the announcement in March that the board had started a process to recruit a new CEO to replace the outgoing, Mark Powell, who will stay with the group until early 2016.

The Warehouse said Grayston, a Briton, had held a number of senior leadership positions including president of footwear, home, fine jewellery and apparel at Sears.

New Warehouse chief executive Nick Grayston.

Before Sears, Grayston held senior positions with Foot Locker Inc. companies including president and CEO of Foot Locker, Footaction and Kid's Foot Locker in New York and other leadership roles in Canada and Europe.

He also held planning, allocation and merchandising roles at a number of leading retailers in the United Kingdom including Laura Ashley, Woolworths, Debenhams and Marks and Spencer.

The Warehouse chairman Ted van Arkel said Grayston was a highly qualified retailer with extensive international experience and the skills required to drive profitable growth for The Warehouse.

"Nick's experience in both physical stores and online is very relevant to the current growth trends in retailing," he said in a statement.

Warehouse, which last month posted a 5.9 percent drop in annual profit, is seeking to generate earnings growth following a $100 million 'refresh' programme for its Warehouse stores, the acquisition of Noel Leeming and Torpedo 7, and its move into online sales.

The company's shares last traded at $2.71 and have slipped 13 percent so far this year.

with BusinessDesk