Mothercare chief financial officer to step down

Maternity and baby retailer Mothercare has confirmed that Richard Smothers has resigned as chief financial officer and executive director.

Smothers, who has a notice period of 12 months, will remain with Mothercare until a successor has been identified and an appropriate transition plan has been put in place, said the retailer in a statement.

This is expected to be towards the end of the calendar year, and the company added that they’ve already begun a search for his replacement.

Mark Newton-Jones, chief executive of Mothercare, said: "Richard has played a significant role in the first phase of the turnaround of the Mothercare brand, helping us to build a strong platform for future growth. On a personal note I'd like to thank him for his support and wish him well for the future.”