By Anhar Khanbhai

Patrick Elliot has announced his retirement from the role of JB Hi-Fi’s chairman and non-executive director.

Elliot will leave the electronics retailer to focus on his role as principal of Next Capital upon retirement, effective from 31 May 2012 and will be replaced by Greg Richards.

Elliot served on the board of JB Hi-Fi for nearly 12 years, during which the company went from being a privately owned enterprise to a publicly listed firm.

“Patrick has made a significant contribution to JB Hi-Fi’s success over the past 12 years,” JB Hi-Fi CEO Terry Smart said.

“Patrick’s guidance and counsel to the Executive team have been invaluable during this period. On behalf of all the JB Hi-Fi staff, I thank Patrick for his work with JB Hi-Fi and wish him all the best in his future endeavours. I look forward to working with Greg in his new role as chairman.”

Before joining JB Hi-Fi in 20017, Richards was a partner at JBWere and Goldman Sachs JBWere having served in the financial industry for over 25 years.

Richards was then appointed to the JB Hi-Fi board in December 2007 and has chaired the company’s Adult & Risk Management committee since February 2010.

“On behalf of the board I would like to thank Patrick for the excellent guiding role that he has played since the listing of JB Hi-Fi on the ASX,” Richards said.

“His contribution has been a very positive influence on the growth and the performance of the company. I am very much looking forward to taking on the role of chairman of the board and continuing Patrick’s good work.”