Findel chief executive to step down
Findel, the owner of Express Gifts and Kitbag, has announced that its chief executive Roger Siddle is to step down at the end of the financial year.
Siddle joined Findel in September 2010 when the group was “severely challenged”. Under his leadership, the group has returned to profit and refinanced and reduced its debt.
In a statement, Findel said: “Given the considerably strengthened position of the group and the Kitbag strategic review, with the potential for change in the shape of the group, Roger has decided that this is the appropriate time for him to pursue alternative options for his career.”
Findel will not immediately seek a successor as its board considers the appropriate longer term leadership structure. In the meantime, non-executive chairman David Sugden will become executive chairman from March working alongside group finance director Tim Kowalski and managing director of home shopping Phil Maudsley.
Never Miss a Retail Update!Sugden said: “On behalf of the board, I would like to take the opportunity to record our appreciation for the substantial contribution that Roger has made. His leadership, expertise and dedication have helped to transform a group that was in real distress into one with increasingly strong performance and prospects.”
Siddle added: “It has been a real privilege to lead Findel over the past four and a half years. I am proud of what the team has achieved and the substantial progress that has been made. I am confident that the group will go on to even greater heights in the years to come.”
In a trading statement, Findel said that group sales in the 16 weeks to 16 January had risen by 1.1%. There was stronger growth in the eight weeks since the group announced its interim results with sales rising by 4.2%.
Findel’s Express Gifts business continued to perform well with sales increasing by 11.3% in the eight week period.
Meanwhile, Kitbag experienced a record month in December while its sales since the half year have risen by 13.6% year-on-year.
