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| Mothercare chief executive quits | Mothercare chief executive quits |
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| Mothercare has parted company with its chief executive six weeks after issuing a dramatic profit warning. | Mothercare has parted company with its chief executive six weeks after issuing a dramatic profit warning. |
| The mums-to-be and baby store said Simon Calver had resigned as chief executive with immediate effect and would be leaving the company at the end of March. | The mums-to-be and baby store said Simon Calver had resigned as chief executive with immediate effect and would be leaving the company at the end of March. |
| Calver, who served less than two years in the top job, takes away a £250,000 payoff in lieu of six months' notice, plus £44,540 in forgone pension contributions. | |
| The former management consultant and branding expert was poached by Mothercare from the Lovefilm DVD and games rental company in 2012 to lead its turnaround effort, after years of falling sales. His predecessor as chief executive, Ben Gordon, stood down "by mutual consent" after a profit warning, at the instigation of Mothercare's chairman, Alan Parker. | The former management consultant and branding expert was poached by Mothercare from the Lovefilm DVD and games rental company in 2012 to lead its turnaround effort, after years of falling sales. His predecessor as chief executive, Ben Gordon, stood down "by mutual consent" after a profit warning, at the instigation of Mothercare's chairman, Alan Parker. |
| But the retailer has continued to struggle, despite closing scores of unprofitable stores and expanding its online presence. Last month Mothercare admitted it had had a poor Christmas, with heavy discounting and weak toy sales eating into profits. The store's broker slashed its profit expectations by more than half to £8m, causing the share price to tumble. | |
| In a statement on Monday Mothercare said it was confident its financial results would be in line with market forecasts and vowed to continue efforts to restore profitability. | In a statement on Monday Mothercare said it was confident its financial results would be in line with market forecasts and vowed to continue efforts to restore profitability. |
| Parker said the store had made progress on its turnaround plan since Calver joined in April 2012. "In particular, Simon Calver's e-commerce expertise has allowed Mothercare to accelerate its development as a multichannel retailer in the UK. We wish him well in the future," he said. "Mothercare has a strong executive management team which is very capable of running the business in the interim while the search for a new CEO is under way." | Parker said the store had made progress on its turnaround plan since Calver joined in April 2012. "In particular, Simon Calver's e-commerce expertise has allowed Mothercare to accelerate its development as a multichannel retailer in the UK. We wish him well in the future," he said. "Mothercare has a strong executive management team which is very capable of running the business in the interim while the search for a new CEO is under way." |
| Calver will provide transitional support until the end of March. | Calver will provide transitional support until the end of March. |