British retailer Mothercare, sellers of toys, clothing and lifestyle items for babies and toddlers, has announced its CEO, Mark Newton-Jones has stepped down with immediate effect.
Newton-Jones has been swiftly replaced with former Kmart president of US grocery retailer and pharmaceutical business David Wood.
The struggling retailer that has been adversely affected by the general slowdown of the high street, is currently in negotiations with its banks over the terms of its loan facilities, which are not expected to conclude for another six weeks when the company will publish its preliminary results for the past financial year.
"The new appointment ensures that Mothercare has in place fresh leadership to complete its transformation plan and return to growth," the retailer said in a statement.
"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," commented Mothercare chairman, Alan Parker. "David has a great track record in similar circumstances across international and consumer-facing brands and is a highly effective operator of retail operations. On behalf of the Board, I would also like to thank Mark for his contribution and for leading Mothercare over the last four years. We all wish him well for the future."
“I am delighted to be leading Mothercare, a business with a fantastic heritage and an exciting future both in the UK and internationally," added David Parker. "My immediate focus is to ensure Mothercare is put back on a sound financial footing and deliver a successful plan to improve performance. Central to this will be our customers and their experience, securing Mothercare’s reputation as the number one choice for parents.”
Newton-Jones joined Mothercare in March 2014 as interim CEO, following a stint in senior management positions at Tesco. His role became permanent in July 2016.