Phil Taylor has been given the top spot of CEO for Michael Hill International after 30 years within the company.
Taylor, who has worked in the company since 1987 and had been chief financial advisor since 2003, was given the job by Hill himself, effective immediately.
Taylor said he looked forward to leading the group. As CEO, he will be paid an AU$694,400 base salary and AU$325,500 in shares each year for three years.
In 2016, the company outlined a succession plan for the interests of the founding family, with 10 percent of the company to be transferred to trusts for daughter Emma Hill and son Mark from the family trust.
The companies latest 'We're for Love' campaign had international recognition and ran for two years.
Emma Hill, chairperson for her father’s company, said the board had been committed to finding a new CEO and settled after an extensive international search.
"Phil has a deep understanding of our business and is well respected throughout the group,” said Hill.
“The board has been particularly impressed by the fresh perspectives and decisive action that have been evident since Phil was appointed as acting CEO and we are excited by the potential we see for Phil to unlock new opportunities and new streams of value for the group."
The jewellery retailer opened eight new Michael Hill branded stores in the period, taking the total to 305, and eight new Emma & Roe branded stores, taking the total to 24. It plans to open another 10 Michael Hill stores and six Emma & Roe stores in the second half of the year.
The company posted a 3.4 percent increase in profit to Aus$25.8 million in the six months ended Dec. 31, 2016.
Michael Hill shares were recently down 0.7 percent to $1.39 on the NZX, and are up 45 percent in the past year.
Phil Taylor for Michael Hill