Breville Group (BRG) shares edged higher yesterday after the appliance maker ended a seven-month search for a new chief executive, with the company announcing it had appointed former LG and McKinsey executive Jim Clayton to the job.
Breville, which is 30% owned by Solomon Lew’s Premier Investments (PMV), had been searching for a new CEO since August last year, when Jack Lord quit abruptly after the company reported a surprise 1.9% easing in full year profits.
The shares rose 0.4% to $7.51 yesterday, not far off the 52 week high of $7.71 reached earlier in the year.
BRG 1Y – Breville welcomes new CEO
Mr Clayton starts at Breville on July 1. He previously had roles with LG Electronics where he led technology innovation and new growth markets for LG’s Home Entertainment unit, Silicon Valley-based Symphony Technology Group, where he worked across a private equity portfolio of investments in enterprise software technology service companies, and at McKinsey & Co where he advised Fortune 500 companies in the US, Germany and Singapore.
“Jim is an experienced executive with a strong background in consumer products, technology and innovation,” Breville chairman Steven Fisher said in yesterday’s statement.
"He also brings with him a track record of success in international markets that are key to Breville’s growth.
"Breville’s Food Thinking strategy is to make the home cooking experience a premium experience through a combination of innovation and superior quality products. Jim’s mandate will be to build on this strategy by expanding both our culinary touch points with the consumer and our global presence," Mr Fisher said.
Chief financial officer Mervyn Cohen will continue as interim CEO until July, when he will return to his previous role.