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Veteran Adairs CEO resigns after 14 years

AAP logoAAP 6/09/2016 Trevor Chappell

The chief executive of Adairs, David MacLean, is stepping aside after 27 years with the manchester and homewares retailer, including 14 as CEO.

Mr MacLean will retire from the top job on November 18 and assume the role of director on the company's board.

Adairs' chief operating officer, Mark Ronan, will replace Mr MacLean as chief executive.

"David has been a key contributor to the growth of Adairs, and the results speak for themselves," Adairs chairman Michael Butler said on Tuesday.

"Over the past 27 years, Adairs has grown from a business with 40 staff and seven stores generating $10 million revenue, to a business with around 1,300 team members and 147 stores generating $253 million revenue and $46 million EBITDA (earnings before interest, depreciation and amortisation) in FY16 (the 2016 financial year)."

Mr Butler said retaining Mr MacLean's expertise and experience by having him as a director was in the best interests of the company.

Mr MacLean said he wished to spend more time on family investments and personal matters.

"Adairs is in a strong position, having delivered record results in FY16, and has a strong team and clear strategy to continue its growth," Mr MacLean said.

It was Adairs' intention that Mr Ronan, whom Mr Butler described as an excellent retailer and a strong leader, should succeed Mr MacLean.

Mr Ronan said he would focus on the execution and continued evolution of Adairs' growth strategy.

Adairs will also get a new chief financial officer, Mandy Drake, effective from October 17.

The current CFO, Michael Cherubino, relinquishes the role to focus on Adairs' role-out of new stores.

Adairs' annual profit for the 2016 financial year climbed 18.9 per cent to $26.1 million in the company's first full year as an ASX-listed company as online sales soared.

Shares in Adairs closed five cents lower at $2.47 on Friday.

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