0029 GMT - Jefferies says the appointment of Scott Marshall to run Metcash's hardware business is a significant positive. Marshall joins from Reece, where he most recently headed up its Australia and New Zealand operation. Before that he was at Metcash where he was highly regarded, analyst Michael Simotas says. Marshall demonstrated a strong track record of servicing independent retailers, and effectively balanced the interests of the wholesaler, retailers and consumers, Jefferies says. "Hardware is facing cyclically weak demand, but in our view this appointment positions Metcash even better for an eventual recovery in construction activity," Jefferies says. It has a hold call on Metcash's stock. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
October 31, 2024 20:29 ET (00:29 GMT)
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