Footwear retailer Shoe Zone has announced Charles Smith will take over the role of Chairman.
Shoe Zone is the UK’s largest value footwear chain and operates from a portfolio of around 500 stores and employs approximately 3,500 employees across the UK. Davis resigned from the company as the retailer announced its full-year performance would be below expectations.
As a result of Davis’s departure, who had been promoted from CFO to CEO in 2016, Anthony Smith, Executive Chairman, resumed his role as CEO on a permanent basis and Charles Smith was appointed interim Executive Chairman. Prior to this role, he held the position of COO since Shoe Zone’s IPO in 2014.
Following his appointment, the board structure will remain three executive directors and three non-executive directors.
The company’s portfolio consists of over 450 high street stores containing the core Shoe Zone product range and over 40 larger out of town retail units which also feature brands such as Clarks, Skechers and Hush Puppies.
It sells around 18 million pairs of shoes a month, with an average selling price of £10. It is able to offer value prices due to high volumes ordered, direct sourcing from factories and a low product line count.
The news of Smith’s appointment comes as Shoe Zone calls for rate cuts to avoid high street closures.