Matalan appoints former Lidl chief as chair and names new CEO

Matalan has appointed former Lidl CEO Karl-Heinz Holland as its new chair while Jo Whitfield, former CEO at Co-op Food, has been named as CEO, following the takeover of the value fashion giant by its former lenders.

Holland spent 23 years at Lidl Group, six as CEO, and was responsible for leading the group’s major expansion across Europe. He also served as CEO of DIA Group, a leading network of 5,700 neighbourhood stores across Spain, Argentina, Brazil, and Portugal.

Since May 2018, he has been Chairman of Takko Fashion GmbH, a European discount fashion retailer and from January 2021 until April 2022, he served as Takko’s Executive Chairman and CEO. He will continue to serve as Chairman of Takko Fashion GmbH.

Holland said of his appointment: “I have been a long-standing admirer of Matalan and believe it’s a business brimming with potential. I am very much looking forward to working with the new owners, Jo, and its dedicated workforce, to help it achieve its potential.”

Meanwhile Whitfield was most recently CEO of the Co-op’s Food division, responsible for the company’s retail, wholesale, online and franchise businesses, as well as the Co-op’s Property division. She oversaw revenues of £10.8bn in 2021 and was responsible for over 55,000 employees.

Prior to her role at the Co-op, she held senior leadership positions at Asda, leading the General Merchandise business and serving as VP for Operations, e-commerce and International at its fashion brand George. She was also Head of Finance at Matalan between 2002 and 2008.

She said: “I am delighted to be joining and leading the business through its next exciting phase of growth and modernisation. Matalan is a much-loved brand for its 11 million loyal customers and together with colleagues we will work to strengthen our offer and ensure we give them the great product and value that they and their families need. There are exciting times ahead for all of us that work in the business as we transform Matalan for the future.”

Jo Whitfield

As a result of the appointments, retail veteran Nigel Oddy, who has been holding the fort on a temporary basis as CEO, will step down from the role after an "orderly handover" of his responsibilities to Whitfield and the wider executive team. Paul Copley will step down from his Interim Chair role but will remain on the board as a non-executive director. Simultaneously, Chris Mallon will step down from his non-executive role on the board.

The moves were made after a group of investors, which includes Invesco, Man GLG, and Tresidor Investment Management, took over the running of Matalan from founder John Hargreaves in January of this year. They agreed to exchange about £150m of what they are owed in return for equity in the business and to inject £100m to fund its turnaround.

Michael Phelps, Partner at Tresidor Investment Management, one of the anchor investors in Matalan, commented: “We are absolutely delighted that Karl-Heinz and Jo have joined Matalan to oversee the next stage of the Company’s development.

“Anyone close to the retail world will know the experience and focus that both Karl-Heinz and Jo will bring to their roles. They have a proven track-record of making positive impacts in value retail and are the perfect fit for Matalan as it focuses on this next stage of its growth. They will provide strong leadership and know-how which will help accelerate the transformation of the Company.

“I’d also like to thank Paul Copley and Nigel Oddy who acted as the Company’s Interim Chair and Chief Executive respectively, throughout its recent strategic sales process, as well as Chris Mallon for his diligent efforts over the last few months. Nigel’s leadership was instrumental in steadying the ship during a challenging time for Matalan."

Outgoing Interim CEO Nigel Oddy added: “As I conclude my six months at Matalan, I am proud to have led the excellent teams here in ensuring a secured position for this unique and family-focused value retailer. Matalan is now shored up to deliver on its growth ambitions, with reduced debt and a clear strategy and I am pleased it will be in capable hands for this next chapter.”