Whitford Leaves Mitre 10

Mr Jim Eaton, the Chairman of the board of directors of Mitre 10 Australia Limited (Mitre 10), today announced that Mr Frank Whitford will step down from the position of Managing Director and Chief Executive Officer of Mitre 10 at the conclusion of his term today, 11 February 2005.

Frank Whitford

“During the past five years Mr Whitford has made a significant contribution to the Mitre 10 group’s development including upgrading Mitre 10’s IT platform, implementing Mitre 10’s G21 store rejuvenation programme and establishing Mitre 10’s new large format Mega stores,” Mr Eaton said.

“All of these initiatives will leave Mitre 10 well positioned with a stronger balance sheet for future growth and Mitre 10 wishes Mr Whitford well in his future endeavours,” Mr Eaton said. Responding to the Chairman’s announcement, Mr Whitford said he was leaving Mitre 10 at a time when much of the foundation work for the future of the organisation had been laid.

“I am immensely proud of the opportunity I have had to lead Mitre 10 and develop strategic and operational plans to secure its position as a leader in the Australian hardware industry,” Mr Whitford said.

External consultants have been retained to undertake a search for Mr Whitford’s replacement, with an appointment anticipated in the next three to four months.

“Mr Whitford’s successor will continue the implementation of the Mitre 10 Mega programme and refine and build on the current strategies for Mitre 10 group’s future development and growth,” Mr Eaton said.

At the same time Mr Eaton identified other key issues for Mitre 10’s future progress, including continued focus on high service levels and the pursuit of market opportunities with appropriate group stores.