Mothercare has announced its CEO Daniel Le Vesconte has stepped down from his role as chief executive officer and as a director of the board with immediate effect.
The departure comes a month after the company revealed it had begun discussions with its lender to change, renegotiate, or refinance its debt facility due to soaring interest rates.
As a result, the company’s chairman Clive Whiley and CFO Andrew Cook, the CFO, will revert to leading the operating board, until the process to find a replacement CEO is completed.
Vesconte joined the retailer in January this year from Abercrombie & Fitch. He has also held senior positions at Vans and Dr Marten’s parent company Airwair International.
“The board believes that a change in CEO is in the best interests of the company and its shareholders,” Whiley said.
“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.”