Mothercare ex-CEO steps down as Executive Director
Mothercare has announced that Mark Newton-Jones has stepped down as an executive director, after previously announcing his departure as CEO.
Newton-James will continue to serve on the board as a non-executive director, subject to re-election at the next AGM.
Commenting on the changes, Clive Whiley, Chairman said: "I would like to thank Mark for his contribution to the business over what has proved to be a turbulent period and I am delighted that we will be able to call upon his retail experience as we go forward.”
Chief Financial Officer Glyn Hughes stepped into Newton-Jones's CEO role on an interim basis, but resigned from the position in June leaving the retailer without a CEO, even on an interim basis.
Whiley said at the time: “We are making good progress with the search for our new permanent CEO and are now at shortlist stage.”
“We continue to take action to reduce our cost base and address legacy issues, helping with our return to being a profitable and sustainable business”.
Administrators from PwC closed all 79 UK Mothercare stores in January, cutting 2,500 jobs, as the UK arm of the business had been making a loss for some years.
Since, the retailer has re-focused on simply providing branded products to retailers. The company said it has “substantially completed our transition” to focusing on brand management and design.