Jewellery chain Michael Hill has hired Specialty Fashion’s Daniel Bracken as chief executive after current CEO Phil Taylor quit to deal with health problems.
Mr Bracken, a former Myer deputy chief executive who oversaw Specialty Fashion’s well-received sale of the Katies, Millers, Crossroads, Autograph and Rivers retail brands, will join Michael Hill in November.
Michael Hill said on Friday that Mr Taylor, who has worked at the company for more than three decades, has been diagnosed with a health issue and resigned to focus on treatment and recovery.
Michael Hill shares fell following the announcement and were down 5.1 per cent at 84.5 cents at 1343 AEST.
Mr Taylor led Michael Hill’s recent exit from its loss-making US business and closed most of its ailing Emma & Roe stores to refocus on the core Michael Hill brand.
“Phil’s leadership during his period as chief executive has been outstanding in what has been a period of recalibration and repositioning for the company,” chair Emma Hill said in a statement.
Ms Hill said Mr Bracken’s international experience with Burberry London will be valuable as Michael Hill plans to open a minimum of 10 new stores in Australia, New Zealand and Canada in the current financial year.
“Daniel’s global experience and strong commitment to create engaged customer centric brands is aligned with the board’s commitment to see Michael Hill become a globally relevant leader in the premium jewellery category,” Ms Hill said.
Specialty Fashion shares had not moved at $1.25.