After 10 years with the company.
Guy Russo will retire as CEO of Wesfarmers Department Stores division and Managing Director of Target. Kmart Managing Director, Ian Bailey will assume the additional responsibility of leading the Department Stores division, effective 1 November, 2018.
Wesfarmers CFO Department Stores, Marina Joanou, has been promoted to Managing Director of Target, effective immediately.
Russo will remain an advisor to Wesfarmers and the Department Stores division for the remainder of the 2019 financial year.
Wesfarmers Managing Director, Rob Scott said Russo made a significant contribution since joining Wesfarmers 10 years ago as MD of Kmart, leading the transformation of the brand into Australia’s most successful depart store before becoming CEO of the new Department Store division in early 2016.
“Guy leaves a valuable legacy that is reflected in the record profit result for the Department Stores division for the 2018 financial year,” Scott said. “Under his leadership, Kmart earnings have increased more than five-fold and more recently he led a reset of Target, reducing its cost base and returning it to profitability.”
Scott continued, “I am pleased to announce the promotions of Ian and Marina. Both have been outstanding leaders in Wesfarmers and their knowledge of Kmart and Target makes them uniquely well-placed to drive continued growth across Department Stores.”