Ian Bailey, the managing director of Kmart Group, will retire from his role in April 2025.
Parent company Wesfarmers confirmed the news this morning, adding that following his retirement, Bailey will remain with Kmart Group to support a smooth leadership transition and serve as chairman of Anko Global - Kmart's owned brand.
Kmart Group CFO Aleksandra Spaseska will take over the managing director position following Bailey’s retirement. Prior to her current role - which she held since March 2020 - Spaseska held senior divisional and corporate executive positions with Wesfarmers. She subsequently assumed additional responsibilities for global sourcing as well as domestic and international supply chain.
According to Wesfarmers, Spaseska has been instrumental in the development and execution of the Kmart Group strategic agenda, including the delivery of strong productivity improvements through investment in data and analytics, optimisation of the store network and simplification of the operating model for Kmart and Target.
Wesfarmers managing director Rob Scott said he looked forward to working with Spaseska to create long-term value for shareholders.
“I’m delighted to announce Aleks’ appointment as incoming managing director of Kmart Group,” Scott said. “Aleks brings deep knowledge of the Kmart and Target businesses together with strong commercial acumen.
“Working with Ian, Aleks has played an important role in key strategic initiatives within Kmart Group, including the restructuring of Target and transformation activities in data and digital, global sourcing and supply chain.
“Aleks’ appointment highlights Wesfarmers’ strong talent development and succession planning processes.”
Scott then thanked Bailey for his outstanding contributions to Kmart Group and the broader Wesfarmers Group, over many years.
This includes growing profits by 25 per cent in FY24, and peaking total revenue to $11.1 billion.
“Ian has played an instrumental role in Kmart Group, driving the transformation of Kmart, including the development of the unique sourcing model which has underpinned its success and created significant value for Wesfarmers’ shareholders,” Scott continued.
“He has been a pivotal figure in Kmart’s growth, creating a world-class product development company and trusted brand. In recent years, Ian has led important strategic moves to take Anko into new markets and simplify and strengthen Target.
“Ian leaves Kmart Group in excellent shape, and he has the gratitude and best wishes of the Wesfarmers Board, Leadership Team and the broader Group.”
Bailey said he was proud to have contributed to Kmart Group’s success.
“It has been a privilege to lead the Kmart Group team as we transformed the businesses, making Kmart a great place to shop that is simple to run,” Bailey said.
“I will leave the division in very capable hands and look forward to supporting Aleks during the transition and beyond.”
Spaseska has been appointed deputy managing director of Kmart Group effective December 5, 2024, and will commence as managing director on April 1, 2025.
By then, it is expected she will become a member of Wesfarmers’ executive key management personnel.