Michael Hill International has announced that its Chief Executive Officer and Managing Director Daniel Bracken passed away overnight.
The ASX-listed jeweller said Bracken's unexpected passing was the result of an adverse reaction to medical treatment for an underlying medical condition.
“The Board, Executive and all of the Michael Hill team express their deepest and sincerest condolences to his family and friends,” the company said in an ASX announcement.
“On behalf of the Board, we thank Daniel for his outstanding leadership and dedication to the Michael Hill Group and our people over the past 7 years. He will be dearly missed.”
The company said Bracken was a passionate retailer, an innovative and strategic thinker and an inspiring leader, who transformed the group.
“Further details of interim leadership arrangements will be provided by the Board in due course following this sad news,” the company said.
The company, which sells engagement rings, necklaces, bracelets, earrings, and watches in Australia, New Zealand and Canada, last Friday announced an increase in statutory net profit in the half year to 29 December but a fall in earnings before interest, tax, depreciation and amortisation.
At 1.45pm AEDT (2.45am GMT) shares in the company were trading two cents lower (4.30%) at 44 cents, capitalising the company at $169.54 million.
