Daniel Le Vesconte, the chief executive officer of parenting retailer Mothercare, has stepped down from his position with immediate effect, just five months after joining the company.
Le Vesconte, who will also be stepping back from his position as a director of the board, was appointed in early 2023 after Mothercare had initiated an update to its business model.
The news also comes shortly after the company held talks with lenders to renegotiate or refinance its debt facility.
In light of the departure, Clive Whiley, the company’s chairman, and chief financial officer Andrew Cook will lead the Operating Board until a replacement CEO has been found.
Current performance ‘in line with expectations’
In a regulatory filing, Whiley said: “The board believes that a change in CEO is in the best interests of the company and its shareholders.
“The board is fully committed to the group's successful long-term strategy and, further to last month’s pre-close trading update, the company continues to perform in line with expectations.
“In addition we are progressing a number of options to refinance the group’s debt facilities. Working together with Mothercare’s senior management team I am confident that the group's successful, consistent strategy and culture will continue the group’s profitable growth.”
Mothercare has undergone a major restructuring in recent years only to then be hit hard by the pandemic and a knock to sales linked to its decision to halt operations in Russia following the country’s invasion of Ukraine.
The retailer put its UK business into administration in 2019, which resulted in it closing all 79 of its stores and repositioning itself as a global franchising business.
In May, Mothercare said retail sales by franchise partners in the year ended March 25 dropped 19.6 percent to 322 million pounds.