The Warehouse Group finds new CEO to lead its fight-back

Wednesday, 28 May 2025

The Warehouse Group’s new CEO Mark Stirton has a big job ahead of him - trying to regain market share for one of the country’s most iconic retailers against offshore disruptors.

The Warehouse Group has named a new chief executive for the company - Mark Stirton, who’s been company’s chief financial officer since April 2024.

Prior to joining The Warehouse, Stirton was the chief financial officer at Mr Price Group, one of the largest retailers in South Africa with more than 3000 stores. He is a chartered accountant and holds an MBA.

In his new role, according to information released to the NZX this morning, he will start his new role on August 1 and earn a base salary of $1.2 million, plus an extra 50% of his salary in short term incentives if certain goals are met ‒ and he is guaranteed to receive at least half of the amount in the coming financial year. Half again of that amount must be invested in The Warehouse Group shares.

The Warehouse Group officially has a new CEO, from within its own ranks.

In addition, his pay packet includes KiwiSaver and long term incentives starting at $600,000 over three years if certain shareholder returns are fulfilled.

The Warehouse Group chairperson Dame Joan Withers said Stirton’s “understanding of [the company], his energy, drive to modernise, extensive retail experience and proven ability to deliver on the execution of strategy make him the ideal leader to accelerate the improvement program that we have underway”.

Interim group chief executive officer John Journee will continue in his role until August 1 before returning to the board as a non-executive director. Journee won’t be considered an independent director for a year due to his role as interim group chief executive.

Security was called as huge crowds swamped the ultra-cheap retailer in Melbourne.

Stirton said in a statement he felt privileged to be assuming the key leadership position in one of New Zealand’s most iconic businesses.

“The Warehouse is a much-loved brand and plays an important role in Kiwis’ lives,” he said.

“We need to build on our progress made to date to deliver further value for our customers, team members and our shareholders. Leading this transformation with our teams will be an honour, and I am committed to driving innovation, operational excellence, and enhancing our customers’ experience of our brands and products.”

The Warehouse Group has seen the value of its stock drop in the last 12 months although the shares have picked up recently after the company declared it would ‘fight’ to regain its market share against rivals Kmart and Chemist Warehouse.