WH Smith chief executive steps down following accounting review
WH Smith has announced that its chief executive has stepped down following an investigation into an accounting blunder in its North America operations.
The independent review by Deloitte found a number of “shortcomings” which led WH Smith to overstate profits in its US business by as much as £50 million.
In a statement, WH Smith said contributing factors had included weaknesses in the composition of the finance team and insufficient systems, controls and review procedures for supplier income across commercial and finance functions.
The company said its chief executive Carl Cowling has stepped down but will remain employed within the business until 28 February 2026. He has led WH Smith since November 2019 after joining in 2014.
Subscribe to TRBMeanwhile, Andrew Harrison, chief executive of the group’s UK division, has assumed the role of group chief executive on an interim basis until Cowling’s successor is appointed.
Cowling said: “Whilst the issues identified in the Deloitte review arose in our North American division, I recognise the seriousness of this situation and as Group CEO feel it is only right that I step down from my position.
“It has been a privilege to lead WHSmith for the past six years as CEO. During this time, we have guided the company through the unprecedented challenges of the pandemic, pioneered our highly successful one-stop-shop for travel essentials, and completed the divestment of our high street and online businesses.
“I would like to thank the entire team for their support, and I wish them well.”
