Mothercare boss steps down as turnaround almost complete
22 June 2020, 08:34
Glyn Hughes was appointed interim chief executive in January.
The temporary boss of Mothercare has said he does not want the job on a permanent basis and that he will leave at the end of the month.
Glyn Hughes has been the company’s interim chief executive since the start of this year.
The former Mothercare finance director said he will leave before June 30.
The company said Mr Hughes wants to “pursue other opportunities”, but did not give further details.
It will leave the firm without a chief executive, even on an interim basis, unless it can find a free agent at short notice.
“We are making good progress with the search for our new permanent CEO and are now at shortlist stage,” it said.
Mothercare said the business will be led by the chief operating office and chief financial officer under the watchful eye of the chairman.
Mr Hughes leaves with a turbulent 12 months behind him.
Last year, the retailer put its UK stores into administration, with all 79 stores closing just before Mr Hughes took over.
It has since re-focused on simply providing branded products to retailers.
The business said it has “substantially completed our transition” to focusing on brand management and design.
It also noted that the experience of administration in November helped the company weather the pandemic storm.
Around two-thirds of its partners’ stores have now reopened around the world.
It has also agreed to lease out some of its warehouse in Daventry to another company, and move into a smaller office, saving around £3.5 million on an annual basis.
Chairman Clive Whiley said: “Whilst we have not been immune to temporary store closures in almost all of our territories over the period, I am pleased that we are seeing the reopening of our partners’ stores.
“At the same time, 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.
“Finally, I would like to thank Glyn Hughes, both personally and on behalf of the board.
“Glyn has, initially as CFO and latterly as interim CEO, been instrumental in driving much of the significant financial and strategic change in the Group over his time at Mothercare. We wish him well with his future endeavours.”
Shares rose 6.5% on the news on Monday morning.