Mothercare PLC Mothercare Plc : Directorate Change

 
TIDMMTC 
 
 
   MOTHERCARE PLC 
 
   Directorate Change 
 
   Appointment of David Wood as CEO 
 
   Mothercare today announces the appointment of David Wood as CEO with 
immediate effect. David's appointment ensures that Mothercare has in 
place fresh leadership to complete its transformation plan and return to 
growth. Mark Newton-Jones has stepped down as CEO. 
 
   David has considerable experience gained across a number of 
international consumer facing brands, with a strong track record for 
turning around and growing retail businesses. David was previously Group 
President of Kmart Holding Corp, a $3bn US grocery retail and 
pharmaceutical business, where he successfully transformed the customer 
value proposition and retail operating model, returning the business to 
sustainable profit growth. Prior to this, David held a number of senior 
commercial, marketing and general management positions at Tesco where he 
achieved similar results in the UK and internationally. David will join 
the Board as an executive director. 
 
   Alan Parker, Chairman, commented, 
 
   "Mothercare is a great brand with a great future but it is facing a 
number of challenges, not least a highly competitive retail environment. 
Our transformation strategy is focused on improving the performance of 
the Group in the UK and internationally, ensuring Mothercare has the 
best store format, digital capabilities and customer offer as well as 
several actions to reduce central costs. We have made positive progress 
but it is essential that we have the most effective leadership in place 
to meet our ambitions for our customers and our shareholders. David has 
a great track record in similar circumstances across international and 
consumer facing brands and is a highly effective operator of retail 
operations. I look forward to working with him and the team. 
 
   On behalf of the Board, I would also like to thank Mark for his 
contribution and for leading Mothercare over the last four years. We all 
wish him well for the future." 
 
   David Wood, CEO, commented, 
 
   "I am delighted to be leading Mothercare, a business with a fantastic 
heritage and an exciting future both in the UK and internationally. My 
immediate focus is to ensure Mothercare is put back on a sound financial 
footing and deliver a successful plan to improve performance. Central to 
this will be our customers and their experience, securing Mothercare's 
reputation as the number one choice for parents. I look forward to 
working with the Board and with the management team to deliver on our 
plans." 
 
   ENDS 
 
   Investor and Analyst enquiries to: 
 
   Alan Parker CBE, Chairman 
01923 206323 
 
   Media enquiries to: 
 
   Tulchan Communications LLP                                                                   020 7353 4200 
 
 
   Peter Hewer / David Ison / Deborah Roney 
 
   Notes: 
 
 
   1. This announcement contains inside information for the purposes of Article 
      7 of Regulation (EU) No 596/2014. 
 
   2. The person responsible for the release of this announcement is Alice 
      Darwall, Group General Counsel and Company Secretary at Mothercare plc, 
      Cherry Tree Road, Watford, Hertfordshire, WD24 6SH. 
 
   3. LEI number of Mothercare plc: 213800ZL6RPV9Z9GFO74. 
 
   4. David Wood was a director of Tesco Freetime Limited and Nutricentre 
      Limited in the past five years.  Both of these companies are members of 
      the Tesco PLC group. David is no longer a director of either of those 
      companies. 
 
   5. This announcement is made pursuant to Listing Rule 9.6.11R. There are no 
      other details required to be disclosed under Listing Rule 9.6.13R. 
 
   6. David Wood will be paid a base salary of GBP430,000 per annum, and will 
      be eligible to receive benefits applicable to his role and in accordance 
      with the Company's remuneration policy.  The notice period for his 
      contract is 12 months.   The Board will consider David Wood's eligibility 
      for long term incentives in accordance with the Company's Remuneration 
      Policy at the appropriate time. 
 
 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Mothercare Plc via Globenewswire 
 
 
  http://www.mothercare.com 
 

(END) Dow Jones Newswires

April 04, 2018 04:23 ET (08:23 GMT)

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