10th Mar 2014 12:27
LONDON (Alliance News) - Mothercare PLC said Monday it has appointed Mark Newton-Jones as interim chief executive with effect from March 17, as it continues its search for a permanent holder of the role.
Former CEO Simon Calver stood down with immediate effect February 24, a move that came just over a month after the company issued a profit warning in the wake of tough Christmas trading.
Newton-Jones' previous job positions include senior roles at Next PLC, as well as the director of the group's online business. Most recently he was CEO of Shop Direct, a business he left in July 2013 after almost a decade. He will report to the non-executive Chairman Alan Parker.
"His leadership skills and depth of experience in retailing through stores and online will further enhance our drive to deliver the recovery of the UK business to complement the strong and growing international operations," said Parker in a statement.
The mother and baby product retailer has been struggling in the UK for several years as a result of the economic downturn and due to increased competition from online competitors. It has been restructuring in the UK, closing down unprofitable stores, while also expanding into international markets.
In January, Mothercare had warned that its results in the year to end-March would be below market expectations after heavy discounting in its sectors over the key Christmas period hit sales and profits.
Shares in Mothercare were trading 0.4% higher Monday afternoon, at 236.25 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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