21st May 2014 09:09
LONDON (Alliance News) - Carpet and floor-coverings retailer Carpetright PLC Wednesday said it has appointed Wilf Walsh as the group's new chief executive with effect from July 21, at which time Lord Harris of Peckham, currently executive chairman, will become non-executive chairman and then retire from the board in September.
In March, the struggling retailer issued its third profit warning in less than six months, again citing further weakness in its Dutch business, and has now cut its full-year profit expectations by half from its last profit warning in January.
Last October, Carpetright said its former chief executive, Darren Shapland, would be stepping down, without giving a reason for the management change, and said that Lord Harris of Peckham, who had been non-executive chairman, would become a full time executive chairman.
Carpetright said Wednesday that it has now appointed Walsh to drive the group's business forward. Walsh was recently chairman of Fortuna Entertainment Group NV, a listed betting and gaming group operating in Central Europe. Previously, Walsh had been with bookmaker Coral and music retailer HMV.
The carpet retailer also said that Graham Harris, who was appointed to the board in October 2013 as its chief operating officer, has left the company with immediate effect, stating that the role has become redundant given the new appointment of Walsh.
Carpetright said that when Walsh takes over on July 21, Lord Harris, 71, will become non-executive chairman and then retire from the board at the company's annual general meeting on September 4.
The retailer said that it has now commenced the search for a new non-executive chairman, although it will appoint Baroness Noakes, currently deputy chairman, on an interim basis until a permanent replacement is found.
"If this search has not been concluded by the time of the AGM, Baroness Noakes, currently deputy chairman of Carpetright, will become interim chairman until such time as a permanent appointment is made," the company said.
Carpetright also said that Development Director Martin Harris,will step down from his role and leaving the company after the AGM to pursue other business opportunities.
Carpetright shares were flat Wednesday morning at 550.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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