JB Hi-Fi Sets CEO Pay at $1.65 Million as Nick Wells Takes Charge
JB Hi-Fi announces a seamless leadership transition with Nick Wells set to succeed Terry Smart as Group CEO in October 2025, underscoring strong succession planning and continuity.
- Nick Wells appointed Group CEO effective 3 October 2025
- Outgoing CEO Terry Smart to retire after significant tenure
- Nick Wells’ fixed remuneration set at $1.65 million per annum
- Incentive plan includes up to 203% of fixed pay with restricted shares
- Transition highlights internal succession and strategic continuity
Leadership Transition at JB Hi-Fi
JB Hi-Fi Limited has announced a key leadership change with Nick Wells appointed as the new Group Chief Executive Officer, succeeding Terry Smart who will retire on 3 October 2025. This transition marks a significant moment for the consumer electronics retailer, reflecting both a respect for legacy and a clear vision for the future.
Nick Wells, who has been with JB Hi-Fi since 2009, brings a wealth of experience to the CEO role. Having served as Chief Operating Officer since October 2024 and as an Executive Director since 2021, Wells has been deeply involved in the company’s operations, growth strategies, and key initiatives. Prior to his COO role, he was the Group Chief Financial Officer for a decade, underscoring his comprehensive understanding of the business.
Acknowledging Terry Smart’s Legacy
Terry Smart’s retirement closes a chapter marked by substantial achievements. Since first joining JB Hi-Fi in 2000 and returning in 2017, Smart has been instrumental in repositioning The Good Guys business and driving JB Hi-Fi’s growth. Under his leadership since 2021, the company has seen record sales, profit growth, and a rising share price. The Board, led by Chairman Stephen Goddard, expressed deep appreciation for Smart’s contributions and wished him well in his future endeavors.
Smart himself reflected on the decision to retire as difficult, highlighting his pride in the company’s accomplishments and confidence in Nick Wells’ ability to lead JB Hi-Fi forward. This personal endorsement adds weight to the succession plan’s credibility.
Compensation and Contractual Details
Nick Wells’ remuneration package is competitive, with a fixed annual salary of $1.65 million, subject to review after the 2026 financial year. His incentive opportunity is capped at 203% of fixed pay, with 25% paid in cash and 75% in restricted shares, aligning his interests with long-term shareholder value. The employment contract includes a 12-month notice period and standard non-compete clauses, ensuring stability and protection for the company.
Meanwhile, Terry Smart will retain restricted shares earned under the company’s Variable Reward Plan for fiscal years 2023 to 2025, reflecting his status as a “good leaver.” Notably, he will not receive severance payments or awards for the 2026 financial year, emphasizing a clean and orderly exit.
Strategic Continuity and Market Confidence
The Board’s confidence in internal succession speaks to the strength of JB Hi-Fi’s management bench and strategic direction. Nick Wells’ deep institutional knowledge and operational expertise suggest a steady hand at the helm, likely reassuring investors and stakeholders. While no immediate strategic shifts were announced, the transition sets the stage for Wells to imprint his leadership style while maintaining the company’s growth trajectory.
As JB Hi-Fi navigates a competitive retail landscape, this leadership handover will be closely watched for signals on innovation, market expansion, and adaptation to evolving consumer trends.
Bottom Line?
Nick Wells’ appointment signals a confident, continuity-driven future for JB Hi-Fi amid evolving retail challenges.
Questions in the middle?
- Will Nick Wells introduce new strategic initiatives or maintain the current growth plan?
- How will the market respond to the leadership change in terms of share price and investor sentiment?
- What are the implications for The Good Guys brand under the new CEO’s leadership?