Ann Summers promotes Maria Hollins to sole managing director
Lingerie and erotic toy retailer Ann Summers has promoted Maria Hollins to Managing Director as part of a reshuffle in its senior management team. In the new role Hollins will have oversight of all functions of the business including finance, logistics, technology and people.
Hollins previously held the position of Joint Managing Director together with Vanessa Gold. In the reshuffle Vanessa Gold has now been appointed as CEO of the company and will be taking over the role from founder Jacqueline Gold, who has been appointed as Executive Chair.
Vanessa Gold will support Hollins in shaping the long-term strategy for the lingerie brand and unlock its future growth potential, while Jacqueline Gold will work closely on the strategy and remain the face of the business.
Jacqueline Gold, CEO of Ann Summers said: "Maria has done a phenomenal job in driving the turnaround of the business and she fully deserves her promotion to sole MD of the business. She has an incredible commitment to Ann Summers, and I am sure will do a tremendous job in her new role. Vanessa and I remain as committed to Ann Summers as ever and, as we leave the worst of the pandemic behind us and look to the future, we are excited to be working with Maria to take the business to the next level."
Hollins initially joined Ann Summers as an interim consultant in 2018 and has since then driven the brand's turnaround strategy, which returned the business to profit despite the challenges of Covid. Ann Summers exited its Company Voluntary Arrangement (CVA) last month, reporting reduced losses. The business also reported a reduced EBITDA loss of £7.2 million in the year to June 2020, compared to a £11.3 million loss in the same period the year before. It also expects a “meaningful return to profit” based on a sales increase of 9.3% to £113.8 million in the year to 2021.