In the season of retail revamp, retailer Fantastic Holdings also joined the fray with the announcement of a new CEO. Its new incumbent is Debra Singh, who was a former Woolworths and Dick Smith executive and has been leading one of its subsidiaries.
Singh assumed charge on March 30 and will be making an effort to shore up the profitability of the $186 million retailer’s portfolio of retail brands. Singh is credited with 30 years of experience in retail operations and change management.
Prior to becoming the Furniture division’s CEO in August 2014, Singh was the chief operating officer for Fantastic Holdings (FAN). She has guided many of its brands including Plush, Original Mattress Factory, Le Cornu and Dare Gallery.
Singh’s elevation also ends the leadership crisis created after the resignation of chief executive Stephen Heath and chief financial officer George Saoud, reports The Sydney Morning Herald.
Many Fantastic investors believe that Heath and Saoud left the company, over differences on bonus payment and incentives. Singh has been the CEO of Fantastic Furniture since August 2014 and is considered the driving force in the growth of Fantastic Furniture. The impressive half-year results showed a 56.6 percent jump in profit with 11.7 percent spurt in sales that touched $272.8 million.
Singh moved to Fantastic in 2013 after her stint in Dick Smith as general manager when it was under Woolworths’ management. There she held a slew of roles and became the first woman to run a trading division.
Singh also played a leading role in establishing Woolworths’ wholesale division that offered strategic supply chain and operations consulting to the Tata Group joint venture.
Fantastic chairman Julian Tertini hailed Singh’s leadership and noted that she would continue to oversee Fantastic Furniture.
Fantastic Holdings in a statement to the Australian Securities Exchange (ASX) said the new CEO will draw a fixed annual salary of $650,000, besides incentives that will equal 50 percent of the fixed salary. It said a new short-term CEO incentive plan is being devised for 2017, reports The Australian.