Long-serving executive director of Premier Investments and CEO of Premier Retail Mark McInnes has announced his decision to step down from his position.
Following his 12-month notice period, McInnes will have been in his role for over a decade.
Premier chairman Solomon Lew said that McInnes was stepping down to dedicate more time to his family.
"On behalf of the Board, I want to express our sincere appreciation to Mark.
"Premier has delivered year on year record operational and financial performance under Mark’s leadership.
"We have thrived in very challenging times while many of our competitors have struggled or failed.
"In discussions with Mark, he indicated his desire to commit more time to his family than the demands of his role allow.
"After a decade in the CEO role, I understand and fully support Mark’s decision to leave for personal reasons." he said.
Alongside his 12-month notice period, Premier also has the option to restrict McInnes from engaging in specified retail related activities for another two years.
However, in the meantime, Lew said that it is business as usual while the company searches for a replacement.
"The Board has commenced a process to ensure an orderly transition, including a comprehensive search.
"Mark is currently on well-deserved annual leave and will be returning on 1 February 2021.
"I, and the senior executive group, look forward to continuing to work with Mark during his notice period and working towards delivering a very strong full year result for 2021," he said.
The Premier Investments retail division expects earnings to be up between 75% to 85% for a total of $221 million to $233 million.