Ann Summers in management reshuffle

Ann Summers has announced a number of changes to its management team amid its ongoing turnaround strategy.

Jacqueline Gold is stepping down from the position of CEO to take on the job of executive chair. In her new position, she will work closely on the company’s strategy, while “remaining the face of the business in the wider world”.

She will be succeeded in the chief executive role by Vanessa Gold, who has been joint managing director with Maria Hollins since 2019.

Hollins, who joined the business in 2018 as an interim consultant, will now assume the reasonability of sole managing director. In her new position, she will oversee all functions of the business including finance, logistics, technology and people.

Since joining Ann Summers, initially as an interim consultant, Hollins has been credited with driving the implementation of its turnaround strategy.

Earlier this month, Ann Summers revealed it made a “meaningful return to profit” in the year to June 2021, full details of which it said will be shared later this year.

And in the year to June 2020, the business reduced its EBITDA loss to 7.2 million pounds from a loss of 11.3 million pounds in 2019.

New executive chair Jacqueline Gold said: “Maria has done a phenomenal job in driving the turnaround of the business and she fully deserves her promotion to sole managing director of the business. She has an incredible commitment to Ann Summers, and I am sure will do a tremendous job in her new role.

“Vanessa and I remain as committed to Ann Summers as ever and, as we leave the worst of the pandemic behind us and look to the future, we are excited to be working with Maria to take the business to the next level.”