Retravision NSW votes in new constitution and business model

By James Wells

SYDNEY: The shareholders of Retravision NSW voted unanimously for a new constitution and business model at the company’s annual general meeting held at the Rydges Hotel in Rosehill yesterday which saw George Rabie replace Paul Murphy as interim chairman.

A statement released this afternoon by Retravision NSW announced that the revised model and constitution allows greater business flexibility and has included changes to the Board’s election process for both Retravision member directors and the appointment of independent directors.

"The changes to include outside directors will ensure the Retravision NSW Board has the necessary skill sets required to drive forward the new company strategy," the statement said.

Shareholders will now vote by postal ballot for the new board members, with an announcement due by November 30.

In the meantime, Penrith store owner and long serving Board member George Rabie will act as interim Board Chairman. He replaces Paul Murphy who announced he was standing down prior to the AGM.

At the AGM, newly-appointed Retravision NSW chief executive officer, Iain Goldmann, also officially began his role.

“The appointment of Iain Goldmann is an integral part of our renewed development process,” said Rabie.

“Iain joins us with a strong marketing, legal and financial background, qualities that are important if we are to remain at the forefront of the retail market.”

According to Rabie, the new business model and board restructure is the next phase in Retravision NSW’s re-development process.

“Over the last nine months, the Retravision NSW Board took an active role in implementing the new strategy of driving profitable growth at store level. Our plan is to focus on store and head office profitability, driven by improvements to business acumen at store level, strategic footprint in store location, and a move to recapture the brand”, said Rabie.

“The Board is addressing the legacy left from operating for over 40 years as the Retravision family. We now have more stringent credit policies to ensure only viable stores receive stock. Our change in strategy and policy has been implemented, but the change in culture will take time," Rabie said.

“The business outlook for the State remains positive and the sales and marketing team has been developing areas that will strengthen and broaden the business in the coming years,” said Goldmann.

“I’m looking forward to the challenges that lie ahead, and am confident all shareholders will work together to help strengthen the Retravision NSW group,” he said.

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