In delivering his resignation to the board, Parsell noted that during his time at the helm, he had seen the group’s annual revenues rise by $380 million.
“In my 16 years as CEO I have taken the group’s annual revenues from $160m to $540m today,” Parsell says. “The business has been successfully expanded into international markets and has ample growth opportunities on the horizon with the continued roll out of Michael Hill stores in North America and the growth of our new brand Emma and Roe.
“I feel now is a good time for a change in leadership as the business is performing well and has a stable and experienced leadership team.”
Michael Hill International chair Emma Hill described Parsell as an immensely valued member of the executive team.
“Mike’s contribution cannot be over-stated. When he joined the company in our first store in Whangarei, none of us could have imagined what we would collectively achieve over the next 34 years.”
The group’s chief financial officer, Phil Taylor, has been appointed as acting chief executive while an international search for a replacement is conducted. Hill says Taylor has been with the company since 1987, describing the collective management experience of he and the senior leadership team as “immense”.
“With all regions of the business currently performing well, now is an opportune
time for a change of leadership. The Group’s story of successful growth will attract quality candidates.”
In its trading update to 30 June 2016, Michael Hill International reported revenue growth of 8.9 percent over the previous corresponding period. It expects earnings before interest and tax to be in the range of $46m to $48m.