Having overseen the administration of Mothercare’s UK retail business and the closure of all UK Mothercare stores, news is that CEO Mark Newton-Jones resigns his position with immediate effect and will step down as an executive director of the business in July.
CFO Glyn Hughes assumes the role of interim CEO with corporate development director Andrew Cook stepping into the CFO role, with chairman Clive Whiley assuming a non-executive chairman role from March. The board changes, says the company, align the management of Mothercare with that of its new structure as an international franchise brand and will contribute to a further overhead reduction.
“As we approach the completion of our transformation plan, Mothercare – one of the leading global brands for parent and young children – once more has a brighter future ahead as a solvent and cash-generative group,” said Whiley, adding “We have made good progress with the transformation plan and the risks to achieving the outcomes we laid out in November are increasingly dissipated.”
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