New Look confirms departure of CEO Nigel Oddy
New Look has announced the departure of CEO Nigel Oddy, with the British fashion retailer "currently well-advanced" in its process to identify his successor.
Following talks between the board and Oddy, New Look is understood to have identified its preferred successor and will be making a further announcement in due course.
Oddy joined New Look as Chief Operating Officer in 2019 after stints as CEO of discount chain The Range and department store House of Fraser.
Following his promotion to CEO in December 2019, Oddy was responsible for slashing New Look’s rents through a company voluntary arrangement (CVA) and agreeing to a debt-for-equity swap with its lenders.
Commenting on his departure, Oddy said: "With the business having successfully come through Covid and with a solid platform now in place for future growth, this is the right moment for me to step down as chief executive.
“I am hugely proud of how this business and its people have pulled together over the past three years, and I have no doubt that all our New Look colleagues will achieve great success in the years ahead."
Mike Coupe, Chairman of New Look, added: "I would like to thank Nigel for his hard work and leadership over the past three years.
"He has been instrumental in ensuring that New Look is on the firm footing it is today and he leaves the business with strengthened operational foundations in place. On behalf of the board, I would like to wish him every future success."
New Look is also reportedly close to appointing advisers to handle the refinancing of a £101 million term loan which expires in June 2024.
Earlier this year, the company announced a partnership with Manhattan Associates to strengthen its omni-channel offering and fulfilment network. It also stepped into the pre-loved fashion market with resale platform Re-Fashion this year, which currently serves customers across more than 450 stores in the UK and Ireland.