Billionaire rag trader Solomon Lew has declared that it is “business as usual” at his $3.9 billion fashion retailer despite the unexpected departure of chief executive Mark McInnes.
Premier, which runs Smiggle, Peter Alexander and Just Jeans, told investors on Monday morning that Mr McInnes had advised he planned to step down from his role. He must serve a compulsory notice period of one year and will have been in the job for a decade by the time he exits.
Mark McInnes will serve a 12-month notice period and the company has the option to restrict him from retail roles for two years. Credit:Paul Jeffers
Premier chairman Solomon Lew said that Mr McInnes had decided to leave his post due to his “desire to commit more time to his family than the demands of the role allow”.
“At this time, it is business as usual. The board had commenced a process to ensure an orderly transition, including a comprehensive search.”
