Taylor will leave the company on 15 November following 30 years with MHI. A media statement explained, “he has been diagnosed with a health issue and has decided to resign to focus on his treatment and recovery”.
Taylor was formally appointed CEO in May after nine months in the acting CEO role after the departure of Mike Parsell. He will remain at MHI in a consultancy role six months following the restructure.
It was under Taylor’s leadership that MHI closed its Emma & Roe stores and ceased trading in the US in order to “refocus on the core Michael Hill brand”.
“Phil’s leadership during his period as chief executive has been outstanding in what has been a period of recalibration and repositioning for the company,” MHI chair Emma Hill stated,.
Hill also announced the appointment of Taylor’s successor, Daniel Bracken, saying the company eagerly awaited his forthcoming appointment and considered him to be a “high-calibre individual”.
“We are confident Daniel is the right candidate to successfully lead the company against the backdrop of a rapidly changing retail environment,” she said.
Bracken has more than 26 years’ experience in fashion and retail and is currently CEO of Specialty Fashion Group, prior to that he was deputy CEO of Myer. He also held senior executive positions at Burberry London.
In response to the announcement, Bracken hinted at plans to expand MHI’s existing presence in Canada, as he sees “significant opportunities for retailers” in the region.
“Michael Hill is one of the most recognised and iconic jewellery brands in Australia and New Zealand, and is experiencing strong growth in Canada… I see enormous potential for the brand both in existing markets and to expand into new markets.”
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