JB Hi-Fi boss Terry Smart leaves electronics giant with $5m parting gift

Outgoing JB Hi-Fi boss Terry Smart will leave the electronics and appliance behemoth with a pay packet of more than $5 million.

Mr Smart, who has announced his retirement from the group that also owns JB Hi-Fi New Zealand, The Good Guys chain and home appliance and bathroom retailer e&s, was paid a total of $5.32m in the 2025 financial year.

This was slightly up from the $5.18m he was paid in 2024.

The retailer’s annual report on Friday revealed Mr Smart took home a cash bonus of $860,523 in 2025 — less than last year’s $891,156 — and pocketed a performance-based stock reward of just over $2.6m.

JB Hi-Fi delivered a 5.4 per cent lift in full-year net profit to $462.4m, which was in line with market expectations.

Total sales in the year to the end of June grew 10 per cent to hit $10.6 billion, while earnings rose 7.3 per cent to $694.1m.

In their foreword in Friday’s annual report, Mr Smart and chair Stephen Goddard said July trading was in-line with the group’s expectations.

In July, sales increased by 6.1 per cent at JB Hi-Fi Australia, 38.1 per cent at JB Hi-Fi New Zealand, 4.2 per cent at The Good Guys and one per cent at e&s.

“It was pleasing to see sales momentum continue into July, supported by new product launches and an improved stock position,” Mr Smart and Mr Goddard said.

“As always, the retail market remains uncertain, but the team’s unwavering focus on the customer, their ability to adapt and innovate and our focus on driving best value in our categories will ensure our brands remain top of mind with shoppers.”

Along with the company’s full-year results in August, it was announced Mr Smart would retire on October 3 and be replaced by current chief operating officer Nick Wells, who was paid $2.85m in 2025.

It marks Mr Smart’s second departure from the retailer, having held the CEO position for four years until June 2014.

He rejoined the company in early 2017 as chief of The Good Guys, before being reappointed as group CEO in 2021.

Mr Smart last month told The Nightly it was unlikely he would be back for a third time.

“The plan is to take it easy, to enjoy life outside of work,” he said at the time.

JB Hi-Fi shares closed 55¢ higher to $114.35 on Friday.