Matalan CEO John King to leave company
Last week Matalan reported a 5.5 per cent decline in like-for-like sales for the 10 weeks to January 7, amid a 2.5 per cent fall in clothing sales.
Matalan has announced that John King, chief executive, intends to leave the company to return to the US, where he worked prior to his arrival at Matalan. He has agreed to continue in his role until the end of December and will continue to manage the business while a new chief executive is sought. A search for a replacement chief executive is beginning, and Spencer Stuart has been appointed to carry out that process.
John Hargreaves, chairman of Matalan, said
‘We would like to thank John for all his work, and I am pleased he has agreed to stay on during the course of this year. John has led Matalan through a difficult period and has done much to position the business to face the challenges ahead.’
