Mothercare chief executive steps down with immediate effect
Mothercare has announced that Daniel Le Vesconte has stepped down from his role of chief executive and as a director of its board with immediate effect.
Le Vesconte joined the business back in January after a career working with fashion and footwear companies such as Abercrombie & Fitch, Dr. Martens, Wolverine Worldwide and VF Corporation.
Clive Whiley, Mothercare’s chairman, and Andrew Cook, the company’s chief financial officer, will revert to leading the operating board, as was the case for the previous three years, until a replacement chief executive is recruited.
Whiley said: “The board believes that a change in CEO is in the best interests of the company and its shareholders. The board is fully committed to the group’s successful long-term strategy and, further to last month’s pre-close trading update, the company continues to perform in line with expectations.”
In a trading update in early May, Mothercare said it had commenced refinancing discussions with its lender with a view to changing, renegotiating or refinancing its debt facility due to higher interest rates.
In a statement today, Whiley said: “We are progressing a number of options to refinance the group’s debt facilities. Working together with Mothercare’s senior management team I am confident that the group’s successful, consistent strategy and culture will continue the group’s profitable growth.”
