Jun 9, 2023
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Mothercare CEO exits with immediate effect

Jun 9, 2023

There’s been a lot more good news coming out of Mothercare lately as it resets itself following a completely changed business model. But it’s still facing challenges and it looks like progress isn’t being made fast enough with news on Friday that its CEO is exiting.

Mothercare UK

In a stock exchange announcement, the company said: “Daniel Le Vesconte has stepped down from his role as Chief Executive Officer and as a director of the board with immediate effect. Clive Whiley, the company's Chairman and Andrew Cook, the CFO, will revert to leading the operating board, as was the case for the previous three years, until the process to find a replacement CEO is completed.”

The company had only appointed him late last year with the CEO taking up his post in early 2023.

Clive Whiley added: “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 [its] profitable growth.”

It can be frustrating when businesses issue such statements as they clearly don’t explain what the issue was.

At the time of his appointment last year, Mothercare had said that the incoming CEO “brings a wealth of international brand experience in direct-to-consumer, franchise, wholesale and licensing”, after he’d held senior leadership roles for several global brands.

These included Abercrombie & Fitch, Hollister and Gilly Hicks for A&F Corp, Dr Martens, the Wolverine Worldwide group of brands and Vans and Reef for VF Corp.

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