Lovisa has appointed Mark McInnes as executive deputy chairman of the low-price jewellery retailer.
McInnes is currently the global CEO, retail and consumer, of BB Retail Capital (BBRC), an investment business founded by Brett Blundy, the current chairman of Lovisa.
BBRC currently owns 39 per cent of the issued capital of Lovisa.
“Mark’s extensive experience and proven track record of success in large Australian ASX listed retailers, combined with his leadership skills make him an invaluable member of the board and executive management team,” Blundy said.
“We are confident that his contributions will further strengthen our position in the industry and drive long-term value for shareholders.”
McInnes is set to earn a remuneration package of $2 million per annum.
McInnes’ appointment comes as former Smiggle managing director John Cheston takes the reins of the company as global CEO and MD, effective today, June 4.
Cheston was dismissed from his role at Smiggle last year amid what Premier Investments chairman Solomon Lew called “serious misconduct”. An investigation is reportedly still ongoing.
Cheston takes over the global CEO role from Victor Herrero, who held the role since October 2021, scaling the retailer to 1,000 stores globally during his tenure, up from around 544 operating stores as at the end of FY21.
The board thanked Victor Herrero for his service to the company.
Lovisa also reported that it is currently considering the appointment of a new independent non-executive director.