{"id":32099,"date":"2013-02-21T13:39:17","date_gmt":"2013-02-21T11:39:17","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=32099"},"modified":"2013-02-22T09:05:58","modified_gmt":"2013-02-22T07:05:58","slug":"jd-group-ceo-steps-down","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/32099\/jd-group-ceo-steps-down\/","title":{"rendered":"JD Group CEO steps down"},"content":{"rendered":"

JD Group<\/a>, the parent company of Incredible Connection<\/a> and HiFi Corp<\/a>, has announced that its CEO, Grattan Kirk<\/a> has resigned with effect from 20 February.<\/p>\n

Kirk had served the group since his appointment as financial director of Connection Group Holdings Limited in 1997.<\/p>\n

\u201cHaving achieved the significant goals that I set for myself at the start of my term as chief executive officer in June 2008, this is an opportune time for me to move on. I want enough time to still pursue at least one further major career challenge,\u201d Kirk said.<\/p>\n

Grattan will continue to assist the retail division of the group and with various other strategic initiatives before he leaves, JD Group said.<\/p>\n

David Sussman<\/a> will assume the role of CEO, while Vusi Khanyile<\/a>, the current lead independent non-executive director, has been elected as the independent non-executive chairman of the board.<\/p>\n

As announced October 2012, Bennie van Rooy<\/a>, the current CFO has been appointed as CEO of the group\u2019s consumer finance division from 1 March 2013. \u00a0Jan van der Merwe<\/a> will assume the role of CFO from this date.<\/p>\n

\"Grattan<\/a>

Grattan Kirk<\/p><\/div>\n

Financial performance<\/strong><\/p>\n

In its interim results for the period ended December 2012, JD Group reported a rise in revenue to R16.36 billion, from pro forma results of R15.33 billion in 2011.<\/p>\n

Ebitda increased to R1.129 billion, from R969 million, with an operating profit at R727 million, from R723 million before.<\/p>\n

JD Group announced that its retail, comprising the furniture chains, Incredible Connection, HiFi Corp and SteinBuild,\u00a0 generated revenue growth of 4,2%.<\/p>\n

\u201cThis growth was achieved against a background of increased consumer stress, evidenced by a 2% reduction in the credit sale accept rate across the furniture chains.\u201d<\/p>\n

The group noted that a pleasing aspect of the performance was the improvement in the gross margin to 30.8% (Pro Forma results: 29.9%).<\/p>\n

At the end of 2012, \u00a0Incredible Connection had 65 stores, while Hi-Fi Corp had 37 stores.<\/p>\n

More on JD Group<\/h3>\n

Incredible Connection CEO steps down<\/a><\/strong><\/p>\n

Distributors bullish on tech market in SA<\/a><\/strong><\/p>\n

How tech importers deal with the volatile Rand<\/strong><\/a><\/p>\n

HiFi Corp launches e-store<\/strong><\/a><\/p>\n

Price deflation hurts Incredible Connection<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

JD Group, the parent company of Incredible Connection and HiFi Corp, has announced that its CEO, Grattan Kirk has resigned.<\/p>\n","protected":false},"author":9,"featured_media":32103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[3690,26,1601,829,833],"class_list":["post-32099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-grattan-kirk","tag-headline","tag-hifi-corp","tag-incredible-connection","tag-jd-group"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/32099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=32099"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/32099\/revisions"}],"predecessor-version":[{"id":32105,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/32099\/revisions\/32105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/32103"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=32099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=32099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=32099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}