After a “smooth and successful transition period” JB Hi-Fi CEO Terry Smart will leave the company on 30 June 2014 when current executive director and CFO Richard Murray will step in as head of the business.

Smart’s retirement was announced in April 2014 and today JB Hi-Fi chairman Greg Richards thanked Smart again for his contribution to the business in a statement updating investors on the CEO transition process.

“The Board thanks Terry for his outstanding contribution to the company over the past 14 years, wishes him all the best for the future and looks forward to Richard taking on the role of CEO and continuing to deliver on JB Hi-Fi’s successful model,” Richards said.

The statement also included an update on the company’s predicted financial results. It “expects FY14 total sales to increase by circa 5.3 per cent on the prior year and reaffirms its earnings guidance that FY14 NPAT will be in the range of $126.0m to 129.0m, an increase of 8.3 per cent to 10.8 per cent on the prior year.”