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Australia's Godfreys names new chairman, CEO

Australian home improvement retailer Godfreys Group Ltd. appointed a new chairman, a new CEO and two new nonexecutive directors.

Board director Brendan Fleiter has been appointed chairman to succeed Rodney Walker, effective Jan. 1, 2018, after Walker said he would retire from the board at 2017-end. Jason Gowie has been appointed CEO of Godfreys, effective Dec. 4, and will join the board as an executive director. He will replace John Hardy, who will remain on the board and stay with the business on a part-time basis, according to the company.

Kathy Gramp and Penny Burke have both been appointed as nonexecutive directors, effective Jan. 1, 2018.

Godfreys added that it expects fiscal 2018 EBITDA to be A$3.5 million to A$4 million lower than forecast, as its program to convert company stores to franchise stores slows down more than expected.

The retailer said only two or three store conversions are now projected during the fiscal year, contributing between A$500,000 and A$1 million of EBITDA, compared with its initial forecast of more than 15 store conversions with an EBITDA contribution of A$4.5 million.

In fiscal 2017, Godfreys saw 22 store conversions with an EBITDA contribution of A$5.7 million.