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Clarks CEO stands down to take on broader responsibilities at parent group

Lauretta Roberts
08 November 2021

Clarks CEO Victor Victor Herrero has stood down after just nine months in the role to take on a broader role at the heritage footwear retailer's majority shareholder Lionrock Capital.

Clarks chairman Johnny Chen has taken over as interim CEO while a permanent successor for Herrero is found. Herrero, a former CEO at Guess, had been a non-executive director at Clarks before taking over as CEO following the exit of former chief Giorgio Presca.

Herrero will remain a director of Clarks but will now also take on a broader role within Hong Kong-based private equity firm Lionrock, which completed its purchase of a majority stake in Clarks in March of this year.

In a statement, Clarks said: “The Clarks business is on track to meet or exceed its forecast revenue goals, and our debt and cash positions have been considerably improved in the last few months.

“The loosening of pandemic restrictions in our key markets and the strong management of costs in the past six months have resulted in the delivery of a much-improved financial position in rapid time.

“Clarks confirms that chairman Johnny Chen will now also assume the role of chief executive as an interim measure and allow former chief executive Victor Herrero to take on broader responsibilities within the LionRock / Viva China group of companies.

Victor has done an incredible job in a much shorter than anticipated time and gives us a unique ability to accelerate the next stages of our growth plans. Victor Herrero will remain on the Clarks board. A new chief executive will be announced in due course.”

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