New Look chief executive resignsMonday, 21 March 2011
High street value retailer, New Look, has announced the departure of their chief executive, Carl Mcphail.
The company has confirmed a change in leadership but wouldn’t comment further on Mcphail’s resignation. This latest departure comeson the back of John Gildersleeve’s (former non executive chairman) resignation in January to ‘focus on other interests,’ and also chief operating officer, Lex Gemas’ sudden step down last summer.
The company insisted that all these incidents have been separate and in a statement said that they would like to ‘thank Carl for his significant contribution to the business over a long period of time, including the period since 2008 as chief executive.’
It comes on the back of tough market times for the fast fashion retailer, which saw sales dip by 3.4% over the Christmas period and warned of tough times and price increases for the New Year, but maintains plans to more than double UK business.
The internet arm of the privately owned British company is flourishing, having moved from fifth to 3rd biggest UK online fashion retailer, taking a 4.1% share and operating across 24 markets.
Tom Singh, founder and major shareholder of New Look, will return to the business as executive chairman as a fill in whilst a replacement is being sort.