PT Matahari Department Store Tbk (“Matahari” or the “Company”; stock code: “LPPF”) today announced that Richard Gibson has stepped down as CEO effective 31 October 2019. Over the past several years Mr. Gibson, first as CFO and then as CEO, played a key role in growing the business to more than IDR 18 trillion in annual sales and over 165 stores. Mr. Gibson will remain on the Board of Directors as non-executive director.

Mr. Gibson said, “It has been a pleasure to have led Matahari for the past few years. I have had the privilege of working with talented individuals who are committed to the success of the Matahari brand. Given the company’s transition into a new phase of growth, leadership change is necessary and I welcome my successor and wish him the best of luck.”

“The Board of Commissioners wishes to take this opportunity to thank Richard for his dedication and effort over the years, and wish him success for the future.”, said John Bellis, President Commissioner Matahari.

Today, the company formally announced the selection of Terry O’ Connor as the new CEO starting 1 January 2020, after his role as External Advisor at Courts Asia ends. The timing of the appointment will allow for a smooth transition of responsibilities, during which Mr. Gibson will advise the leadership team.

Mr. O’Connor has spent 26 years at Courts Asia. Under his 20 years of leadership until 1 July this year, Courts has undertaken a strategic transformation journey towards solutions selling, omni-channel retailing as well as geographic expansion. His efforts have helped establish Courts’ brand and reputation as a regional leader in the electrical, IT and furniture categories.