Mothercare hires new CEO as Mark Newton-Jones steps down
Mothercare has announced that its chief executive, Mark Newton-Jones, has stepped down and been succeeded by former Kmart group president, David Wood.
In a statement, the company said the appointment would ensure that Mothercare had “fresh leadership” to complete its transformation and return to growth.
Wood was previously group president of Kmart Holding Corp, a $3 billion US grocery retail and pharmaceutical business, where he has been credited with transforming the business. Prior to that, he held a range of senior commercial, marketing and general management positions at Tesco.
Wood will join the Mothercare board as an executive director.
Last month Mothercare warned that its year-end profit will be at the lower end of its previously guided range of £1 million to £5 million following what it described as a “more challenging” trading environment. In addition, it revealed that it was working with its finance partners regarding its financing needs for FY19 and beyond and that it would require “waivers of certain financial covenants”.
In today's statement, Mothercare chairman Alan Parker said: "Mothercare is a great brand with a great future but it is facing a number of challenges, not least a highly competitive retail environment. Our transformation strategy is focused on improving the performance of the group in the UK and internationally, ensuring Mothercare has the best store format, digital capabilities and customer offer as well as several actions to reduce central costs.
“We have made positive progress but it is essential that we have the most effective leadership in place to meet our ambitions for our customers and our shareholders. David has a great track record in similar circumstances across international and consumer facing brands and is a highly effective operator of retail operations.”
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