Mothercare boss leaves after five months
The CEO of Mothercare has stepped down from his post after just five months in the position.
Daniel Le Vesconte joined the struggling parenting retailer on January 16, becoming Mothercare’s first CEO in two years.
The retailer’s profits had been significantly hampered by COVID-19 and the War in Ukraine, which saw it pull out of a significant Russian market.
Prior to joining, Le Vesconte had held senior roles at retailers such as Abercrombie and Fitch, Hollister and Gilly Hicks, as well as the Wolverine Worldwide Group, Vans and Reef.
He will now leave Mothercare with immediate effect.
The retailer’s chair Clive Whiley and chief financial officer Andrew Cook will lead the board until a replacement is found.
“The board believes that a change in CEO is in the best interests of the company and its shareholders”, Mothercare said in a statement.
The news comes a month after the company held discussions with its lenders to renegotiate its debt facility, as it struggles with higher interest rates.