The Reject Shop (ASX:TRS) - Incoming CEO, Phillip Bishop
Incoming CEO, Phillip Bishop
Source: Office Products News
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  • The Reject Shop (TRS) appoints Phillip Bishop as CEO, effective July 11
  • The company says Mr Bishop joins when it has just executed its initial phases of its turnaround strategy
  • Chairman Steven Fisher said Mr Bishop is the right person to lead the company as it transitions into the “grow” phase
  • Mr Bishop said there is significant opportunity to grow the company through better understanding its customers and continuing to evolve product offerings
  • Shares in The Reject Shop were up 18.95 per cent at the close of trading on Thursday

The Reject Shop (TRS) has appointed Phillip Bishop as CEO, effective July 11.

An experienced retailer with 30 years of experience, Mr Bishop has held many senior roles, including Director of Merchandise and Marketing at Bunnings and Chief Operating Officer at Officeworks.

The Reject Shop said Mr Bishop joins when it has just executed its initial phases of its turnaround strategy.

Chairman Steven Fisher said Mr Bishop is the right person to lead the company as it transitions into the “grow” phase of its turnaround strategy.

“Phil is an experienced retail leader with a proven record of contributing to the growth and transformation of businesses through clarity of strategy, innovation and cultural change, which has delivered value for shareholders,” Mr Fisher said.

“Phil’s expertise in product, customer and managing a large store network will assist to make The Reject Shop even more relevant to its customers and accelerate the company’s turnaround and growth plans.”

The Reject Shop is now well positioned with a lower cost base, an experienced and talented senior leadership team and growing national store network supported by a strong balance sheet, all of which will underpin the growth phase of the turnaround strategy.

Commenting on his appointment, Mr Bishop said there is significant opportunity to grow the company through better understanding its customers and continuing to evolve product offerings and expanding the store network.

Mr Bishop’s remuneration package includes a $650,000 salary including superannuation.

Seperately, the company confirmed that it is assessing an on-markert share buy-back as part of its capital management strategy.

If the Board formally resolves to proceed with a buy-back, it is expected that an announcement will be made next month or in August.

Shares in The Reject Shop were up 18.95 per cent at the close of trading on Thursday.

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