The Premier Investments Limited (ASX: PMV) share price is dancing around at the start of the week.
At the time of writing, shares in the specialty retailer are trading 0.57% higher to $28.30. However, the share price has been 0.21% down in earlier trade.
Here’s a look at what is weighing on the minds of shareholders today.
Filling the shoes earlier than expected
Monday is shaping up to be an interesting start to the week for the Premier Investments share price. This coincides with the official start of the company’s recently appointed Premier Retail CEO, Richard Murray.
Murray’s appointment was originally announced on 28 April this year. It was a bittersweet moment, as it meant JB Hi-Fi Limited (ASX: JBH) shareholders were losing a key person instrumental in the recent successes of the retail business.
At first, Murray was aligned to start his new position at Premier on 4 October 2021. However, shareholders won’t need to wait around that long now, with the executive’s new role at Premier Investments kicking off today.
Meanwhile, all other terms of the new CEO will remain unchanged as he officially starts a new journey. Murray replaces previous Premier Retail CEO Mark McInnes, who decided to step down in January after 10 years of service.
As Retail CEO, Murray will be responsible for leading the Premier Investments brand portfolio. This includes The Just Group, Smiggle, Portmans, Just Jeans, Peter Alexander, and JayJays.
While Premier has been performing strongly, undoubtedly shareholders are hoping Murray can build upon this momentum. According to its June trading update, total global sales for the first 18 weeks of 2H21 were up 70% on the same period in 2H20.
Premier Investments share price snapshot
It has been a year of exceptional performance for the Premier Investments share price. In the past 12 months, shares in the retailer have gained 50%. In contrast, the S&P/ASX 200 Index (ASX: XJO) has climbed 26% higher.
For comparison, the JB Hi-Fi share price is down 7% over the past 12 months.
The post Premier Investments (ASX:PMV) share price moves as new retail CEO takes charge appeared first on The Motley Fool Australia.
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Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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