Shoe Zone CEO resigns as the company issues profit warning
30 Aug 2019
Shoe Zone PLC has announced that Nick Davis, the group’s Chief Executive, has decided to resign from his position to pursue other business interests, with immediate effect. The company said, Anthony Smith, Executive Chairman, will resume his role as Chief Executive on a permanent basis. Commenting on the trading since the group’s interim results on May 21, 2019, the company said conditions have been challenging and as a result, the board now expects to deliver a full year performance below its expectations.
Commenting on the development, Anthony Smith said in a statement: “I would like to take this opportunity, on behalf of the board, to thank Nick for all of his work since he joined the business in 2003. As has been widely publicised, the UK High Street is currently facing a challenging environment in which to operate. The pressure on the retail property market has enabled Shoe Zone to achieve an average 23.5 percent fall in rents on renewal and average outstanding lease length of only two years.”
The company added that whilst the Big Box and Digital growth elements of the Group’s strategy are progressing strongly, in the short term, their performance has been offset by the tough high street trading environment.
The company further said that Charles Smith, Chief Operating Officer, will assume the role of Interim Executive Chairman and Jonathan Fearn will continue as Chief Financial Officer.