Debenhams hires Mothercare's Matt Smith as CFO
Debenhams has appointed Mothercares Matt Smith as its new chief financial officer.
Smith will succeed Simon Herrick who left Debenhams in January after the company issued a major profits warning following disappointing Christmas trading.
In a statement, Debenhams said Smith will take up his new role “upon the satisfaction of his existing contractual obligations.”
Smith joined Mothercare as chief financial officer in 2013. Prior to this, he held a number of senior finance roles within Home Retail Group including finance director of Argos.
Michael Sharp, chief executive of Debenhams, said: "We look forward to Matt joining Debenhams and to the benefits that his extensive experience of international and multi-channel retailing will bring to our business."
In April, Debenhams announced that it would be refocusing its promotional strategy following a challenging first half when profits dropped by 24.5%. The new strategy, which involves focusing on delivering a higher proportion of full price sales, helped to drive a 0.7% rise in like-for-like sales in the 14 weeks to 7 June.
Debenhams’ chairman Nigel Northridge said: "I am delighted to welcome Matt to the board and am confident that his wealth of retail and financial expertise will allow him to make a significant contribution to Debenhams."
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