Mothercare Plc : Directorate change
Appointment of David Wood as CEO
Mothercare today announces the appointment of David Wood as CEO with immediate effect. David's appointment ensures that Mothercare has in place fresh leadership to complete its transformation plan and return to growth. Mark Newton-Jones has stepped down as CEO.
David has considerable experience gained across a number of international consumer facing brands, with a strong track record for turning around and growing retail businesses. David was previously Group President of Kmart Holding Corp, a $3bn US grocery retail and pharmaceutical business, where he successfully transformed the customer value proposition and retail operating model, returning the business to sustainable profit growth. Prior to this, David held a number of senior commercial, marketing and general management positions at Tesco where he achieved similar results in the UK and internationally. David will join the Board as an executive director.
Alan Parker, Chairman, commented,
"Mothercare is a great brand with a great future but it is facing a number of challenges, not least a highly competitive retail environment. Our transformation strategy is focused on improving the performance of the Group in the UK and internationally, ensuring Mothercare has the best store format, digital capabilities and customer offer as well as several actions to reduce central costs. 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. David has a great track record in similar circumstances across international and consumer facing brands and is a highly effective operator of retail operations. I look forward to working with him and the team.
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."
David Wood, CEO, commented,
"I am delighted to be leading Mothercare, a business with a fantastic heritage and an exciting future both in the UK and internationally. 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. I look forward to working with the Board and with the management team to deliver on our plans."
Investor and Analyst enquiries to:
Alan Parker CBE, Chairman 01923 206323
Media enquiries to:
Tulchan Communications LLP 020 7353 4200
Peter Hewer / David Ison / Deborah Roney
- This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
- The person responsible for the release of this announcement is Alice Darwall, Group General Counsel and Company Secretary at Mothercare plc, Cherry Tree Road, Watford, Hertfordshire, WD24 6SH.
- LEI number of Mothercare plc: 213800ZL6RPV9Z9GFO74.
- David Wood was a director of Tesco Freetime Limited and Nutricentre Limited in the past five years. Both of these companies are members of the Tesco PLC group. David is no longer a director of either of those companies.
- This announcement is made pursuant to Listing Rule 9.6.11R. There are no other details required to be disclosed under Listing Rule 9.6.13R.
- David Wood will be paid a base salary of £430,000 per annum, and will be eligible to receive benefits applicable to his role and in accordance with the Company's remuneration policy. The notice period for his contract is 12 months. The Board will consider David Wood's eligibility for long term incentives in accordance with the Company's Remuneration Policy at the appropriate time.