New Look rumoured to announce departure of CEO Nigel Oddy
New Look is reportedly due to formalise the departure of CEO Nigel Oddy in the coming weeks, according to The Sunday Times.
The British fashion retailer is understood to have identified its preferred successor following discussions between its board and Oddy.
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.
The company 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, New Look 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.