JB Hi Fi’s Patrick Elliot will retire from his position as chairman of the board and as a non-executive director on 31 May 2012.

Greg Richards will replace Elliot upon his retirement.

Elliot has been director with the company since July 2000 and chairman for more than 10 of those years.

Richards was appointed to the board of JB Hi-Fi in December 2007 and has over 25 years experience in the financial services industry.

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

“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,” he said.