11th Jan 2026 12:47
(Alliance News) - WH Smith PLC is putting together plans to find a new board chair, as the travel retailer seeks to rebuild investor confidence after its accounting crisis last year, Sky News reported on Sunday.
According to the report, Swindon, England-based WH Smith is looking to appoint two non-executive directors, one of which could succeed Chair Annette Court within 18 months.
Court has been chair of WH Smith since 2022.
Russell Reynolds Associates is advising WH Smith on its board search, a source told Sky News, adding that Court is not expected to step down this year, but may do so next year.
In December, as part of the company's full-year results, WH Smith said the UK Financial Conduct Authority has commenced an investigation into the company following a review by Deloitte in November, which led to Chief Executive Carl Cowling's resignation.
Deloitte's probe had found that the accounting treatment for supplier income adopted by the US division was not consistent with the group's accounting policy and the requirements of the relevant accounting standards.
The travel retailer said it plans to recover overpaid bonuses from former executive directors following the restatement of profits in financial 2023 and 2024.
Interim CEO Andrew Harrison said: "It has been a difficult end to the year for the group. The board and I are acutely aware that we have much to do to rebuild confidence in WHSmith and deliver stronger returns as we move forward".
WH Smith closed up 1.3% at 643.50 pence on Friday in London. However, the stock is down 43% over the last 12 months.
By Christopher Ward, Alliance News reporter
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