The Warehouse Group appoints Group Chief Executive Officer

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NZX | Market Release – 28 May 2025

The Warehouse Group appoints Group Chief Executive Officer
The Warehouse Group (TWG) Board is today announcing the appointment of Mark Stirton,
currently Group Chief Financial Officer, as Group Chief Executive Officer, effective 1 August
2025.
Mark Stirton joined TWG as Chief Financial Officer in April 2024 and has played a
fundamental role in assisting the Interim Group Chief Executive Officer, John Journee in
making the necessary changes to strengthen the Group’s performance.
In making the announcement, TWG Chair Dame Joan Withers commented, “After a
comprehensive search, we are delighted that Mark has accepted the Group CEO position.
Mark’s understanding of TWG, his energy, drive to modernise, extensive retail experience
and proven ability to deliver on the execution of strategy make him the ideal leader to
accelerate the improvement program that we have underway.”
Prior to joining TWG, Mark Stirton was the Chief Financial Officer at Mr Price Group, one of
the largest retailers in South Africa, known for its strong performance and scale with over
3000 stores. In addition to his Chartered Accountancy qualifications, Mark holds an MBA
from the University of Barcelona specialising in business transformation.
To ensure a seamless transition, John Journee will continue in his role as Interim Group
CEO and Executive Director until 1 August 2025, before returning to the Board as a Non-
Executive Director. John will not be considered to be an independent director for the
following twelve months due to the proximity of his role as Interim Group CEO.
Dame Joan commended and thanked John Journee for making immediate and effective
changes to the organisation’s operating model, strategy and cost structure during his time as
Interim Group CEO, and for agreeing to take on the role at a difficult and challenging time.
Mark Stirton said he felt privileged to be assuming the key leadership position in one of New
Zealand’s most iconic businesses. “The Warehouse is a much-loved brand and plays an
important role in Kiwis’ lives. We need to build on our progress made to date to deliver
further value for our customers, team members and our shareholders. Leading this
transformation with our teams will be an honour, and I am committed to driving innovation,
operational excellence, and enhancing our customers’ experience of our brands and
products.”
A summary of Mr Stirton’s key employment and remuneration terms have been disclosed to
NZX today. A search will commence shortly for the Group Chief Financial Officer role, and
the Group will update the market accordingly.
Ends

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For media queries please contact:
Lizzie Havercroft
General Manager – Corporate Affairs
+64 27 507 0613
Lizzie.havercroft@twgroup.co.nz

For investor queries please contact:
Julia Belk
Investor Relations Manager
+64 21 240 8997
julia.belk@thewarehouse.co.nz


The Warehouse Group Limited
26 The Warehouse Way, Northcote, Auckland 0627
www.twg.co.nz

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The Warehouse Group Limited
26 The Warehouse Way, Northcote, Auckland 0627
www.twg.co.nz
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NZX Market Disclosure - 28 May 2025

Summary of Mr Stirton’s Remuneration and Employment Terms
Commencement Date and Term Mr Stirton’s appointment as Group Chief Executive
Officer will be effective 1 August 2025. He is
appointed on an ongoing basis subject to termination
in accordance with the terms of the agreement.

Remuneration Mr Stirton’s remuneration package is a combination of
both fixed and at-risk incentive remuneration.

Fixed Remuneration

$1,200,000 per annum (exclusive of Kiwisaver) per
annum.

Short Term Incentive

Mr Stirton will receive an on-target Short Term
Incentive (STI) of 50% of his fixed remuneration.
The maximum STI payout will be 120% of his on-
target dollar amount of $600,000. Payment of any STI
will be subject to the terms of the STI scheme rules
and his performance will be measured against
financial and non-financial measures set by the Board.
For FY26 Mr Stirton will be guaranteed 50% of his on-
target STI dollar amount. Half of the FY26 STI
guarantee, on an after-tax basis, must be invested in
TWG shares and held for the duration of Mr Stirton’s
tenure as Group Chief Executive Officer. Further
investment in TWG shares will be required in FY27
and FY28.

Long Term Incentive

Mr Stirton will receive an on-target Long Term
Incentive (LTI) of 50% of his fixed remuneration. The
maximum LTI payout will be 150% of his on-target
dollar amount of $600,000. Payment of any LTI will be
subject to the terms of the LTI scheme rules and the
performance measure will be total shareholder return
over a three-year period with the target being cost of
equity plus 1%.
Other Employment Terms The employment agreement also covers termination
rights, and non-compete and non-solicitation
restraints.