Internal executive confirmed as replacement.

Shriro CEO, Mike Westrup, has advised the board of his intention to retire at the end of the 2017 calendar year after 23 years in the role. He has offered to consult to the board for a period following his retirement. Casio general manager, Tim Hargreaves will succeed Westrup.

A company statement released to the ASX said, “Mike will be leaving Shriro in solid financial condition, with a strong balance sheet and an innovative product suite. Mike has fulfilled the CEO role for 23 years and has established a successful culture at Shriro with management committed to continuing this pursuit of shareholder value and growth. The board would like to thank Mike for his commitment and hard work over the years and to wish him well in his retirement.”

Tim Hargreaves has managed the Shriro Casio Australia business unit for a number of years. He joined Shriro in 1990 as a product manager within Casio Australia, although he left briefly, between 1998 and 2001, to broaden his experience. Upon re-joining Shriro in 2001, Hargreaves was appointed general manager of the Casio business unit.

Commenting on his retirement, Westrup said, “Although I enjoy being CEO, particularly CEO of a list company, I am now 63 years of age, and have decided it is a good time to retire so that a younger person can lead the business to the next level. Tim and I have worked together for 27 years and he has been involved in a number of key negotiations that have resulted in the company’s growth. Tim is the ideal person to replace me and will be a great leader to drive Shriro’s future success. My proudest achievement is the culture that has developed through the years, to the impressive team of people that I leave behind.”