Daniel Le Vesconte has stepped down from his role as Chief Executive Officer (“CEO”) and as a Director of the Board with immediate effect.
Clive Whiley, the Company’s Chairman and Andrew Cook, the CFO, will revert to leading the Operating Board, as was the case for the previous three years, until the process to find a replacement CEO is completed.
Clive Whiley said: “The Board believes that a change in CEO is in the best interests of the Company and its shareholders. The Board is fully committed to the Group’s successful long-term strategy and, further to last month’s pre-close Trading Update, the Company continues to perform in line with expectations. In addition we are progressing a number of options to refinance the Group’s debt facilities. Working together with Mothercare’s senior management team I am confident that the Group’s successful, consistent strategy and culture will continue the Group’s profitable growth.”