Matahari Department Store appoints new CEO

JAKARTA. Indonesia’s largest retailer of apparel, beauty and home products PT Matahari Department Store has appointed Richard Gibson, the current chief financial officer (CFO), as the company’s new Chief Executive Officer (CEO) replacing Michael Remsen.

The Board of Commissioner’s Nomination and Remuneration Committee selected him for the new position after identifying and evaluating a number of internal and external candidates over the past several months.

“Richard has been a great partner and has been instrumental in helping to grow the business and drive profitability. He is the ideal candidate to ensure continuity and lead the company to even higher levels of performance,” Michael said in a press statement on Monday in Jakarta.

Richard, will officially take over the position on Aug. 15, while Michael, who has served the company for the past eight years and has helped the business reach a valuation of more than Rp 16 trillion, will continue to work with Matahari.

The timing of the appointment will allow a 12 month period for Michael to transition into his new role as Chairman of a new Executive Committee, and will allow Richard as much of a headstart as possible to lead the company for next year.

Richard joined Matahari in May 2010 and has been the CFO for the past six years. He has over 25 years of experience at Debenhams, Warner Brothers Stores, and Nike’s worldwide retail division, among others. (Arif Gunawan Sulistiyono)