Arcadia interim chairman Jamie Drummond Smith steps down

Arcadia interim chairman Jamie Drummond Smith has resigned.

Drummond Smith was appointed on an interim basis in April to help Arcadia launch a company voluntary arrangement (CVA), a move that would allow the group to close stores and cut rents as part of a turnaround plan.

The news comes shortly after it was revealed Arcadia’s chief operating officer David Shepherd had retired after 25 years at the company.

Chief executive of Arcadia Ian Grabiner said in a statement: “Jamie was appointed on an interim basis to assist the board through the restructuring options for the group. Following the successful completion and approval of the group’s CVAs, Jamie has stepped down from his role. On behalf of the board I would like to thank Jamie for his support and wish him well for the future.”

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