Mothercare Names Mark Newton-Jones As CEO On Permanent Basis
(Alliance News Via Acquire Media NewsEdge) LONDON (Alliance News) - UK-based mother and baby products retailer Mothercare PLC Thursday said it has appointed Mark Newton-Jones as chief executive officer on a permanent basis, with effect on July 17.
Newton-Jones had taken up the role of interim CEO in March, following the departure of Simon Calver in February, a move that came just over a month after the company issued a profit warning in the wake of tough Christmas trading.
"The board has conducted a thorough recruitment process over the past few months and is confident Mark is the right person to lead the business," Mothercare said in a statement.
Newton-Jones' previous jobs included senior roles at Next PLC, including being director of Next's online business. Most recently he was CEO of Shop Direct, a business he left in July 2013 after almost a decade.
Mothercare has been struggling in the UK for several years as a result of the economic downturn and due to increased competition from online competitors. In response to the downturn, the retailer streamlined its UK retail operations by closing loss-making stores, but expanded internationally. It has also been developing its online presence.
Last month, Mothercare said it rejected two takeover offers from US-based maternity apparel retailer Destination Maternity Corp, the last worth about GBP266 million, because it felt they undervalued the company.
"Since the start of the financial year, progress has been achieved across our international and UK businesses, and the board believes that scope for further improvement and growth in shareholder value is substantial," the company said in a statement Thursday.
Mothercare shares were down 2.6% at 263.00 pence per share Thursday morning.
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