Laura Ashley CFO to step down after two decades
Laura Ashley shares plunged more than 26% on Monday morning after the troubled fashion and homeware chain revealed its finance director and joint chief operating officer is leaving the company after two decades.
Sean Anglim has resigned from his role and is set to leave the business at the end of the year, the company announced in a statement.
Sagar Mavani will take over as chief financial officer.
The announcement sent the brand’s shares spiralling downwards, but the stock recovered slightly and was trading at £1.89 on Monday afternoon.
As CFO, Anglim presided over a period of significant decline at the company. Laura Ashley shares have slumped since their peak in September 1996, when the price reached £218 per share.
The past three years have been particularly difficult for the British textile design company as online competition and faster trends rendered the brand’s clothing less sought after.
Controlled by Malayan United Industries (MUI), Laura Ashley posted a pre-tax loss of £9.8m for the 2019 financial year.
Copyright © 2022 FashionNetwork.com All rights reserved.