Devine seizes the helm at Hallenstein Glasson as fortunes rise

Friday, 15 March 2019

Hallenstein Glassons opened a flagship store in Christchurch in 2016.

Mary Devine's new job as managing director of Hallenstein Glasson has prompted her to resign her directorship at Briscoe Group.

She said it wasn't so much a direct conflict of interest but more about her time commitments.

Mary Devine says she will resign her Briscoe directorship to devote more time to her new role as managing director of Hallenstein Glasson.

'The Hallenstein business is in great shape at the moment in spite of the tough retailing environment.'

Devine is taking the job a fortnight before the company is due to reveal a healthy profit from Christmas trading.

Tim Glasson is also a major property investor behind the $80m rebuild of the Hallenstein Glasson stores in Christchurch.

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'It's a bit soon for me to talk about any plans, I've got a few things to sort out before I start at the beginning of April.'

Mary Devine was chief executive for Carter Group during 2014 - pictured with managing director and rich lister Philip Carter.

Her appointment follows the surprise resignation of Mark Goddard in February, triggering a share price fall in late February before it recovered.

Devine joined the board of Hallenstein Glasson in mid-2018 with a comprehensive retail background including several executive jobs in recent years.

Mary Devine steered Christchurch department store Ballantynes through a difficult period after the 2011 earthquakes until the end of 2013.

She has extensive networks in the Christchurch business scene - one of Hallenstein's founders, major shareholder, and director, rich lister Tim Glasson, lives there.

Devine also had a 12 month stint as chief executive for property investor and developer Philip Carter's Carter Group in 2014.

Previous experience included chief executive of EziBuy where she deployed her experience in manufacturing, distribution and marketing of apparel brands.

Devine's portfolio of directorships includes Briscoes, insurer IAG, Christchurch City Holdings, Meridian, and Foodstuffs.

The last Hallenstein Glasson annual after-tax profit for the 12 months to August 2018 was $27 million on turnover of $277m, an improvement of 16 per cent over the previous year.

A trading update in mid-February forecast an after-tax profit of $16m (6 per cent up) on turnover of about $151m (up 3 per cent) over the previous six month corresponding period.

Hallenstein Glasson is made up of Glassons stores in New Zealand and Australia, and Hallenstein Brothers.