Another director out at Arcadia as Jamie Drummond-Smith exits
David Shepherd, chief operating officer, also stepped down from his role this week.
Drummond-Smith, a restructuring expert, joined the troubled group in April to help it launch a company voluntary agreement (CVA), a restructuring procedure which allowed Arcadia to close 50 stores and cut rents at a further 194. He was initially appointed on a contract lasting 13 weeks.
“Jamie was appointed on an interim basis to assist the board through the restructuring options for the group. Following the successful completion and approval of the group’s CVAs, Jamie has stepped down from his role,” said Arcadia chief executive Ian Grabiner. “On behalf of the Board I would like to thank Jamie for his support and wish him well for the future.”
Drummond-Smith’s departure leaves the retail group searching for a new chairman for the second time in just over six months. In February, former chair Karren Brady announced her resignation following a allegations of improper behaviour against founder Philip Green.
Drummond-Smith resigned on the same day that COO David Shepherd announced his retirement, according to company filings. Shepherd is taking early retirement after spending 25 years at the retail group.
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