8 Feb 2011

The Warehouse names new CEO

1:06 pm on 8 February 2011

Discount retailer The Warehouse has appointed a new chief executive.

The successful candidate comes from within the retailer's ranks.

Mark Powell, who is currently the head of The Warehouse's stationery arm, has been with the company for nearly nine years.

He will succeed Ian Morrice, who retires in November.

Mr Morrice has been with The Warehouse since 2004.

He has been praised for keeping costs down during the recession but failed to stem the decline in market share to 7.6% of the non-grocery retailing sector.

However The Warehouse chairman Keith Smith says the retailer is now better run and Mr Morrice has done well to deal with aggressive competition from the likes of Australia's JB Hi-Fi and Bunnings.