By
Reuters
Reuters
Published
Mar 21, 2011
Mar 21, 2011
New Look CEO and chairman go in shake-up
By
Reuters
Reuters
Published
Mar 21, 2011
Mar 21, 2011
Mar 21 - The chief executive and chairman of budget fashion retailer New Look, which postponed a planned flotation in February 2010 and has since endured poor trading, have both left the company abruptly.
New Look store in Cardiff, UK |
New Look said on Monday Tom Singh, the firm's founder and major shareholder, will return to the business as interim executive chairman, whilst a search for new leadership is undertaken.
"The board of New Look announces today that a change in the leadership of the company has been agreed. Accordingly (CEO) Carl McPhail has resigned from the board with immediate effect," the private-equity owned firm said.
It added that the board had also accepted the resignation of John Gildersleeve, who had been non-executive chairman since January 2010.
It said he had recently indicated his intention to retire to focus on other business interests.
(Reporting by James Davey, editing by Paul Sandle)
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