Nigel Oddy appointed interim CEO of Matalan amid sale process
Matalan has named former New Look chief executive Nigel Oddy as its interim CEO as the company’s process to sell itself begins.
Oddy will join the retailer in early October, just a few months after leaving his role at New Look.
Matalan said his focus will be the delivery of its existing growth strategy; driving performance in the core business; building and developing its omnichannel capabilities further; unlocking and delivering new growth opportunities; and repositioning the brand.
But after helping to turn around New Look, he’s clearly used to tough tasks such as those.
Matalan put itself up for sale as part of its need to cut debt and strengthen its finances and founder John Hargreaves is a likely bidder. He returned as chairman in July but will step down from that role to take part in the bidding process. Tim Isaacs, senior non-executive director, will become interim chairman in his place.
Hargreaves said: “Matalan is a business that has been in my DNA since the day I founded it in 1985. I am stepping down as chairman so that I can participate in the strategic sales process as a bidder. My focus and absolute commitment will remain to do what I believe is in the best interests of the company and all its stakeholders, in particular the 11,000 people we employ.
“My intention is to be instrumental in positioning the business for long-term success. I am delighted to welcome Nigel Oddy as the business’s new CEO and am confident Matalan is in good hands.”
The company also said it has reached agreement with the majority of its first lien secured noteholders on key terms of a “comprehensive recapitalisation”. This could see £200 million made available. Also, £350 million more in first lien secured notes due to mature in January should be extended by six months.
