Studio Retail hires finance expert as non-exec director
Digital value retailer Studio Retail Group has added a financial services expert to its board, appointing Michael Torpey as an independent non-executive director. He joins on 1 December.
A “highly experienced finance director and banking executive”, Torpey joins "with a strong track record in commercial and finance roles" in Ireland’s private and public financial services sector.
The retiree has, since 2019, also been a non-executive director and chair of the Audit Committee of FTSE-listed business Metro Bank.
He will also become a member of Studio Retail board's Audit, Nomination and Risk Committees, and take over as chair of the Audit Committee, on appointment.
Torpey joins as Studio Retail’s transformation to a digital value retailer from a home shopping company, complete with its own integrated financial services, continues to grow at pace.
At the end of June, the company said it saw its active customer base hit "record levels”, up 35% in the 52 weeks to 26 March, including 1.5 million with an active credit account, up 14% year-on-year. That helped push product revenue 43% higher to £445.4 million, achieved alongside a +290bps improvement to the product gross margin to 35.9%.
Chairman Ian Burke said: "The expertise he brings with him from his executive and non-executive careers in the area of financial services business activities and finance is extremely valuable. It will significantly strengthen the skills, insight and robustness of the board as we continue to focus on growing Studio's digital value proposition.”
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