Lovisa deputy chairman Mark McInnes is stepping back from his executive role at the jewellery retailer, with the fee paid for his services set to fall by more than 90 per cent.
McInnes will stay on as deputy chairman but move to a non-executive role from October 26, Lovisa shared on the ASX this morning.
As part of the change, the annual fee Lovisa pays to BB Retail Capital for McInnes’ services will fall from $2 million to $180,000. BB Retail Capital is the investment firm of Lovisa chairman Brett Blundy.
McInnes will remain a non-independent director. He is also global CEO, retail and consumer, at BB Retail Capital, which owns about 39 per cent of Lovisa.
“Mark has made a valuable contribution to Lovisa in his executive role, and I am pleased that he will continue to bring his experience and judgement to the Board as Deputy Chairman,” Blundy said.
Lovisa didn’t give a reason for the change.
McInnes joined Lovisa as executive deputy chairman in June 2025, on the same day John Cheston started as global CEO and managing director. Cheston replaced Victor Herrero. At the time, Lovisa said McInnes would support Cheston, the executive team and the board in preparing the business for its next stage of global growth.
McInnes previously ran Solomon Lew’s Premier Retail and department store David Jones.
The change is the second shift in Lovisa’s senior ranks this month. Group CFO Chris Lauder has resigned and will work a six-month notice period while the company searches for a replacement.
Lovisa reported total revenue up 17.6 per cent to $938.8 million for FY26, with comparable-store sales up 2 per cent. EBIT rose 14.1 per cent, and net profit after tax rose 10.7 per cent.