Mothercare PLC Mothercare Plc : Directorate Change
April 04 2018 - 3:23AM
UK Regulatory
TIDMMTC
MOTHERCARE PLC
Directorate Change
Appointment of David Wood as CEO
Mothercare today announces the appointment of David Wood as CEO with
immediate effect. David's appointment ensures that Mothercare has in
place fresh leadership to complete its transformation plan and return to
growth. Mark Newton-Jones has stepped down as CEO.
David has considerable experience gained across a number of
international consumer facing brands, with a strong track record for
turning around and growing retail businesses. David was previously Group
President of Kmart Holding Corp, a $3bn US grocery retail and
pharmaceutical business, where he successfully transformed the customer
value proposition and retail operating model, returning the business to
sustainable profit growth. Prior to this, David held a number of senior
commercial, marketing and general management positions at Tesco where he
achieved similar results in the UK and internationally. David will join
the Board as an executive director.
Alan Parker, Chairman, commented,
"Mothercare is a great brand with a great future but it is facing a
number of challenges, not least a highly competitive retail environment.
Our transformation strategy is focused on improving the performance of
the Group in the UK and internationally, ensuring Mothercare has the
best store format, digital capabilities and customer offer as well as
several actions to reduce central costs. We have made positive progress
but it is essential that we have the most effective leadership in place
to meet our ambitions for our customers and our shareholders. David has
a great track record in similar circumstances across international and
consumer facing brands and is a highly effective operator of retail
operations. I look forward to working with him and the team.
On behalf of the Board, I would also like to thank Mark for his
contribution and for leading Mothercare over the last four years. We all
wish him well for the future."
David Wood, CEO, commented,
"I am delighted to be leading Mothercare, a business with a fantastic
heritage and an exciting future both in the UK and internationally. My
immediate focus is to ensure Mothercare is put back on a sound financial
footing and deliver a successful plan to improve performance. Central to
this will be our customers and their experience, securing Mothercare's
reputation as the number one choice for parents. I look forward to
working with the Board and with the management team to deliver on our
plans."
ENDS
Investor and Analyst enquiries to:
Alan Parker CBE, Chairman
01923 206323
Media enquiries to:
Tulchan Communications LLP 020 7353 4200
Peter Hewer / David Ison / Deborah Roney
Notes:
1. This announcement contains inside information for the purposes of Article
7 of Regulation (EU) No 596/2014.
2. The person responsible for the release of this announcement is Alice
Darwall, Group General Counsel and Company Secretary at Mothercare plc,
Cherry Tree Road, Watford, Hertfordshire, WD24 6SH.
3. LEI number of Mothercare plc: 213800ZL6RPV9Z9GFO74.
4. David Wood was a director of Tesco Freetime Limited and Nutricentre
Limited in the past five years. Both of these companies are members of
the Tesco PLC group. David is no longer a director of either of those
companies.
5. This announcement is made pursuant to Listing Rule 9.6.11R. There are no
other details required to be disclosed under Listing Rule 9.6.13R.
6. David Wood will be paid a base salary of GBP430,000 per annum, and will
be eligible to receive benefits applicable to his role and in accordance
with the Company's remuneration policy. The notice period for his
contract is 12 months. The Board will consider David Wood's eligibility
for long term incentives in accordance with the Company's Remuneration
Policy at the appropriate time.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Mothercare Plc via Globenewswire
http://www.mothercare.com
(END) Dow Jones Newswires
April 04, 2018 04:23 ET (08:23 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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