This article is from the source 'independent' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.independent.co.uk/news/business/news/mothercare-chief-simon-calver-quits-9148638.html
The article has changed 4 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Mothercare chief Simon Calver quits | Mothercare chief Simon Calver quits |
| (35 minutes later) | |
| Mothercare boss Simon Calver has resigned after less than two years in the role as the baby retailer continues to struggle. | Mothercare boss Simon Calver has resigned after less than two years in the role as the baby retailer continues to struggle. |
| Calver's exit as chief executive with immediate effect comes six weeks after the company issued a profits warning due to poor Christmas trading in the UK. | Calver's exit as chief executive with immediate effect comes six weeks after the company issued a profits warning due to poor Christmas trading in the UK. |
| Calver was a surprise choice to run the baby products retailer in April 2012 after seven years at the helm of internet movie rental firm LoveFilm. | |
| He has overseen a major store reduction programme but the company, which includes the Early Learning Centre, has struggled to revive profitability in the face of fierce competition from supermarkets and online retailers. | He has overseen a major store reduction programme but the company, which includes the Early Learning Centre, has struggled to revive profitability in the face of fierce competition from supermarkets and online retailers. |
| Mothercare gave no reason for Calver's resignation but stressed that there has been no change in the company's trading position or strategy. | |
| The rest of Mothercare's executive team will take on the running of the business while the search for Calver's replacement takes place. | |
| Chairman Alan Parker said Calver had made progress in implementing the company's turnaround programme. | |
| He added: "In particular, Simon Calver's e-commerce expertise has allowed Mothercare to accelerate its development as a multi-channel retailer in the UK. | He added: "In particular, Simon Calver's e-commerce expertise has allowed Mothercare to accelerate its development as a multi-channel retailer in the UK. |
| "Mothercare has a strong executive management team which is very capable of running the business in the interim while the search for a new chief executive is under way." | "Mothercare has a strong executive management team which is very capable of running the business in the interim while the search for a new chief executive is under way." |
| Calver's contract entitles him to £250,000 in lieu of six months' notice. | |
| The group, which has around 230 stores under the Mothercare and Early Learning Centre brands, made a loss of £21.7 million in the UK during its most recent financial year. | The group, which has around 230 stores under the Mothercare and Early Learning Centre brands, made a loss of £21.7 million in the UK during its most recent financial year. |
| Last month, analysts said they expected a deficit of around £18 million in the current year to the end of March, although stronger trading by international franchise stores meant the company was still set to make a profit. | Last month, analysts said they expected a deficit of around £18 million in the current year to the end of March, although stronger trading by international franchise stores meant the company was still set to make a profit. |
| Additional reporting agencies | Additional reporting agencies |