Small appliance developer and manufacturer, Breville Group Ltd (ASX: BRG) today announced the appointment of a new Chief Executive Officer, Mr Jim Clayton, who will take up the position in July 2015.
Mr Clayton previously worked in a number of senior roles at innovative technology companies, such as VP of New Business Division at LG Electronics Inc.
His appointment to the top job at Breville comes on the back of lacklustre results from the company during its most recent half year reporting period. Like Breville, fellow ASX-retailers Myer Holdings Ltd (ASX: MYR) and Kathmandu Holdings Ltd (ASX: KMD) have also had their share prices sold off in recent times as consumer confidence continues to wane.
Breville, which is already a leading small appliance maker here in Australia, is currently expanding into the key markets of the UK and USA.
Commenting on Mr Clayton's appointment, Breville Chairman Steven Fisher said, "Jim is an experienced executive with a strong background in consumer products, technology and innovation."
"He also brings with him a track record of success in international markets that are key to Breville's growth," Mr Fisher added. "Breville's Food Thinking strategy is to make the home cooking experience a premium experience through a combination of innovation and superior quality products."
Mr Clayton will be paid a fixed annual amount of $800,000 plus an additional 70% of fixed pay in short-term incentives and up to $400,000 in long-term incentives.
"I am excited by the opportunity to lead Breville, an iconic brand in Australia which has established a solid foundation for growth, both domestically and internationally," Mr Clayton said. "The Breville team has impressed me with their energy, capability, and level of commitment for delivering market-leading products and service to their customers."
Acting CEO, Mr Mervyn Cohen, will continue in the role until 1 July 2015 before returning to his position as Chief Financial Officer.
Should you buy Breville shares?
Breville shares have fallen over 20% in the past year as the company grapples with increasing competition and the numerous challenges associated with an international expansion. However at these lower prices, with management forecasting a return to mid-to-high single digit profit growth in the second half, Breville could be worthy of a closer look.
