Chief executive of Mothercare Daniel Le Vesconte is out with immediate effect after 5 months in the role. In January, Daniel Le Vesconte assumed the role of Mothercare’s first chief executive in two years. Before his appointment at Mothercare, Le Vesconte held prominent leadership positions at Abercrombie and Fitch, Dr. Martens, and VF Corp, the owner of Vans.
While searching for a new CEO, Chairman Clive Whiley, and Chief Financial Officer, Andrew Cook will take charge of the operating board, as they did before Le Vesconte’s arrival, until a new boss is found. It is worth noting that Mothercare’s shares have experienced a decline of over 20% throughout this year.
Whiley said: “The Board believes that a change in CEO is in the best interests of the company and its shareholders. “The Board is fully committed to the group’s successful long-term strategy and, further to last month’s pre-close trading update, the company continues to perform in line with expectations. In addition we are progressing a number of options to refinance the group’s debt facilities. Working together with Mothercare’s senior management team I am confident that the group’s successful, consistent strategy and culture will continue the group’s profitable growth.”
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