Metcash (ASX:MTS) - Outgoing CEO, Jeff Adams
Outgoing CEO, Jeff Adams
Source: Metcash Expo 2021
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Metcash’s (MTS) group CEO, Jeff Adams, announces his intention to retire from the role, after a challenging period navigating the COVID-19 pandemic
  • Jeff Adams joined Metcash in September 2017 and has been a key driver of record company sales in FY21
  • The outgoing group CEO will be succeeded by current CEO and Senior Vice President of South African-based Massmart Wholesale, Doug Jones
  • Doug Jones will join Metcash on February 1 2022, working closely with Jeff Adams to ensure a smooth transition
  • Metcash’s shares are down a slight 0.5 per cent to trade at $4.01

Metcash’s (MTS) group CEO has retired from his role, after a challenging period navigating the COVID-19 pandemic.    

Group CEO Jeff Adams notified the board of his intention to retire from the company in 2022 to return to his family in the US.

Jeff Adams joined Metcash in September 2017 and was responsible for the MFuture program, which positioned retailers for the shift in shopper behaviour amid the pandemic.

The company said the outgoing CEO led MTS courageously and calmly through the many challenges associated with COVID and acted quickly to shift his focus to keeping staff safe and ensuring supply chains remained open.

“Jeff has worked tirelessly to deliver our purpose of championing the success of our independent retailers,” Metcash Chairman Rob Murray said.

“The demands on Jeff through COVID have been considerable and were a factor in his decision to retire as Group CEO.”

“His endurance and resilience during this period, which included not being able to see his US-based family, have been amazing,” Mr Murray said.

Jeff Adams will be succeeded by current CEO and Senior Vice President of South African-based Massmart Wholesale, Doug Jones.

The appointment comes with an annual salary of $1.75 million with a four-year fixed term agreement. Short term incentives at 70 per cent of the fixed remuneration and long-term incentives at 80 per cent remuneration are also available, subject to shareholder approval.

The FY23 total target remuneration is about $4.37 million, which is just below the market median of the Metcash peer group.

The company noted Doug Jones’ extensive international experience across wholesale, retail and eCommerce markets made him a standout candidate.

Doug Jones will join Metcash on February 1 2022, and will work closely with Jeff Adams to ensure a smooth transition.

Metcash’s shares were down a slight 0.5 per cent to trade at $4.01 at 10:06 am AEDT.

MTS by the numbers
More From The Market Herald

" Appen (ASX:APX) positioned to weather pandemic, reaffirms guidance

Data annotation and artificial intelligence company Appen (ASX:APX) has today reaffirmed its guidance for the 2020…

" Appen (ASX:APX) beats earnings guidance, outperforms a weak market

Data annotation and artificial intelligence specialist Appen (APX) has soared today after beating its earnings guidance…
Appen (ASX:APX) - CEO, Mark Brayan

" Appen’s (ASX:APX) shares rise on business restructure

Machine intelligence company Appen (ASX:APX) has made some changes to the structure of its business.
The Market Herald Video

" Appen (ASX:APX) receives $1.17b takeover bid from Canadian tech giant

Appen (ASX:APX) has received an unsolicited $1.17 billion takeover bid from Canadian telco giant Telus International.