By Claire Reilly

JB Hi-Fi has announced the retirement of the chairman of the company board, Patrick Elliott, after almost 12 years at the company. Elliott will retire from the positions of chairman and non-executive director on 31 May 2012, and will be replaced by current board member Greg Richards.

Appointed as a director in July 2000, Elliott has spent more than 10 years as the company’s chairman, during which time the JB Hi-Fi shifted from private ownership to becoming a publically-listed company.

Speaking about the outgoing chairman, JB Hi-Fi CEO Terry Smart said, “Patrick has made a significant contribution to JB Hi-Fi’s success over the past 12 years.

“Patrick’s guidance and counsel to the executive team have been invaluable during this period. On behalf of all the JB Hi-Fi staff, I thank Patrick for his work with JB Hi-Fi and wish him all the best in his future endeavours. I look forward to working with Greg in his new role as chairman.”

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Incoming chairman Greg Richards was similarly positive about Elliott’s role in transforming JB Hi-Fi over the years.

“On behalf of the Board I would like to thank Patrick for the excellent guiding role that he has played since the listing of JB Hi-Fi on ASX; his contribution has been a very positive influence on the growth and performance of the company,” said Richards.

“We wish Patrick all the best for the future. I am very much looking forward to taking on the role of chairman of the board and continuing Patrick’s good work.”