Michael Hill boss resigns for his health

Michael Hill International chief executive Phil Taylor is standing down, to be replaced by a highprofile retail industry executive Daniel Bracken.

Taylor told the jewellery company’s board that he had been diagnosed with a health issue and had decided to resign to focus on his treatment and recovery.

He will be replaced by Bracken, from November 15.

Earlier this year, the chain announced it was shutting nine stores in the United States because buyers could not be found, and suffered a 66 per cent profit hit as a result. In June, it said it was closing its last six Emma & Roe stores to focus on its core business.

Bracken is currently the chief executive of Specialty Fashion Group, and has led the restructure and divestment of the Millers,

Katies,

Crossroads,

Autograph and Rivers brands.

He has Phil Taylor international luxury brand experience with Burberry London, where he held a number of senior executive roles across merchandise, strategy and transformation.

Bracken also previously worked as deputy chief executive of Australia’s Myer and as chief executive of The Apparel Group, which owns the Sportscraft, Saba, Willow and JAG fashion brands.

Michael Hill chairwoman Emma Hill said the board was excited to have secured such a high-calibre individual.

‘‘Daniel’s global experience and strong commitment to create engaged customer-centric brands is aligned with the board’s commitment to see Michael Hill become a globally relevant leader in the premium jewellery category, with a deep engagement and commitment to our customers and the communities we serve.

‘‘We are confident Daniel is the right candidate to successfully lead the company against the backdrop of a rapidly changing retail environment,’’ she said.

‘‘Phil has made an immense contribution to Michael Hill for over three decades.

‘‘Phil’s leadership during his period as chief executive has been outstanding in what has been a period of recalibration and repositioning for the company.

‘‘Because of these changes, Michael Hill is a strong and resilient business today with a clear strategy and platform to deliver sustainable long-term growth.

‘‘We are pleased that Phil will remain with the business in a consulting role for the duration of his six-month notice period to support Daniel. The board wishes Phil well for his recovery.’’

Bracken said Michael Hill was one of the most recognised jewellery brands in Australia and New Zealand.

‘‘There are significant opportunities for retailers who can differentiate through product and brand, and I see enormous potential for the brand both in existing markets and to expand into new markets.’’