WH Smith appoints new chief executive
Richard Handover to become chairman
July 4 2003
WH Smith has appointed Kate Swann, currently managing director of Argos, as its new chief executive.
Current chief exec Richard Handover, whose decision to step down early sparked an internal and external hunt for a successor, will step into the post of chairman being vacated by Martin Taylor. Handover will carry out the chairman’s role until the book and news retailer’s AGM in January 2005.
Swann, 38, has been managing director of Argos since 2000. She began her career as a marketing executive at Tesco and has also worked at retailers Dixons and Homebase, as well as Coca-Cola Schweppes.
Swann said: “I am delighted to have this opportunity to lead WHSmith. The group benefits from a strong, well-established brand and leading positions in its key markets. I am excited at the growth prospects and challenges that lie ahead and look forward to working with the team.”
Martin Taylor said: “We are very pleased to have attracted an executive of Kate’s ability and high promise. Her track record is outstanding.
“We believe the management transition will be most effectively handled by Richard Handover becoming Chairman for a limited period. I am therefore stepping down from the chair when Kate arrives; I do this with great confidence in the company’s future.’
Handover said: “It is a great pleasure to welcome Kate Swann as the group chief executive of WHSmith. She brings with her fresh thinking and great energy to drive the group forward. As I take the role of chairman, I look forward to working alongside Kate.
“On behalf of the entire Board, I would like to thank Martin for his immense contribution to WHSmith. He has brought a unique blend of wisdom and sharp commercial acumen to the team, and his insightful leadership of the Board has commanded huge respect. He will be missed and he leaves us with our very best wishes.”
Names linked to the chief exec’s job had included Hamleys boss Simon Burke, while WH Smith retail director Beverley Hodson was seen as the strongest internal candidate.
The appointment of an outsider marks a change of style for WH Smith, with Handover having spent his entire carreer with the company.
Swann is understood to be on six months’ notice with Argos, owned by GUS.
