Matalan CEO to depart after 18 months at helm

The chief executive officer of British department store chain Matalan has announced her exit from the company just 18-months into her tenure.

Jo Whitfield’s departure was confirmed in a press release, in which it was stated that she had decided to step down to “pursue a portfolio career”.

During her time at Matalan, Whitfield was credited with rebuilding the company’s “top team” and “re-establishing its value credentials”.

Her position will be overseen by Matalan chair, Karl-Heinz Holland, who will take on the role of executive chair until a successor is appointed, the selection process of which is now underway.

Whitfield departs as transformation continues

Holland thanked Whitfield for her efforts at the company, noting that she had led a team that had “stabilised the business” and “put customers and colleagues” back at its heart.

He continued: “Matalan is a business with strong fundamentals and remains on a firm financial and operational footing. The board has every confidence that we will deliver our strategic plan.”

In her own statement, Whitfield said that her time at Matalan had been a “fast paced transformational 18 months”, during which the foundations of the business had been reset against a “very challenging backdrop”.

She added: “We have fundamentally improved our product offering and re-established our reputation for providing great value and quality for customers. We have invested in colleague pay and established a new leadership and executive team to take the business forwards.

“Now feels the right time to pass the baton as the next phase of the transformation continues. I am confident that Matalan will continue to thrive and I wish my colleagues and leadership team every success for the future.”

For the most recent full year, Matalan reported a 6 percent drop in revenues, while EBITDA jumped 92 percent year-on-year to 53 million pounds.