Studio Retail's new CEO takes the reins
Value retailer Studio Retail on Tuesday announced that its new CEO is in place. The company said Paul Kendrick has been appointed to the top post as of now, replacing Phil Maudsley who retired from Studio and stepped down as a director of the company at the same time.
The company had previously announced in June 2020 its “structured development and succession plan” that was developed working with both Maudsley and Kendrick over the past two years. It follows a successful transition period during the second half of FY21.
He’s overseeing a company that’s going through a lot of change with the stock exchange-listed firm having put itself up for sale late last year in order to maximise value for shareholders.
Those shareholders include Frasers Group, with a 37% stake, and Schroders. Between the two of them, they control 56% of the company.
The sale plan had come after a strategic review sparked by the cancellation of the sale of Findel Education to YPO (due to the competition authorities having vetoed the deal), and a letter received from Frasers. The owner of House of Fraser and Sports Direct had sent a letter last autumn saying it thinks the group is “misunderstood by the market and as a consequence, significantly undervalued”.
The company has been performing well in recent periods and will provide a pre-close update for the full year in the middle of April.
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