Laura Ashley CEO to step down

Laura Ashley has announced Kwan Cheong Ng is stepping down from his role as CEO and executive director of the British fashion and homeware brand after eight years at its helm.

He will remain in the position until 30 April, after which he will stay on the company’s board as a non-executive director.

Chief operating officer Katharine Poulter has been appointed as executive director and will replace Ng as CEO with effect from 1 May. Poulter has 25 years of retail experience working across UK retailers such as Marks & Spencer, Tesco, Home Retail Group, Kingfisher, and Willko Brands.

“The board would like to take this opportunity to thank Mr Ng for his contribution as executive director and chief executive officer during his tenure with the company and to wish him the very best in his retirement,” the company said in a statement.

This comes after finance director and joint chief operating officer, Seán Anglim, stepped down in October after 20 years at the company.

The company reported a pre-tax loss of 14.3 million pounds for the year to June, compared to a profit of 100,000 pounds in the prior year, citing a weak performance from its home furnishing business and changes made to its website late in 2018.

Photo credit: Laura Ashley, Facebook