Nigel Oddy to depart House of Fraser after less than two years

London - Nigel Oddy's name will soon join the growing list of House of Fraser seniors to exit the department store group over the last 21 months, as the Chief Executive officer is set to leave the company.

Oddy's departure from House of Fraser comes less than two years after he first took-up the reins as chief executive. A spokeswoman for House of Fraser confirmed Oddy's impending departure from HoF, saying : "The Board of House of Fraser confirms it has been informed of Nigel Oddy’s intention to leave the business in the new year to pursue new opportunities."

Nigel Oddy to exit role as CEO at House of Fraser

He is reported to have handed in his notice sometime last month, although where he is headed next remains a mystery. Oddy is set to remain with the business until HoF has appointed a new CEO, "to ensure a smooth transition process" added the spokeswoman.

Oddy first joined the team at House of Fraser in 2007, from Marks & Spencer before being named Chief Operating Officer. Then in 2015 he was appointed Chief Executive Officer after John King stepped down from the role following HoF acquisition by Sanpower. His impending exit from HoF coincides with the exit of Ray Kavanagh, who is also set to leave the department store group, reports the Sunday Times. Another member of the executive board, Kavanagh was in charge of HoF supply chain.

In addition, Oddy's departure from House of Fraser has been linked to a disagreement between the department store's management team and its Chinese owner, Sanpower. The British department store group was acquired by the Chinese conglomerate in 2014 in a 480 million pound deal.

At the time Sanpower's billionaire owner Yuan Yafei, reportedly pledged to inject 75 million pounds into the HoF, aiming to open stores in Russia and the Middle East as well as China. However, since then reports have emerged that the promised capital never appeared, causing House of Fraser to relay on its own funding, which includes a bond issue last year.

Oddy's exit from HoF comes as the department store group continues to struggle to transform its business. In its latest trading update this September, the retailer highlighted it faced a "very challenging retail environment" during the first half of the year.

However, the company spokeswoman added: "House of Fraser continues to trade in line with management expectations and is confident it is well positioned for Christmas, with trading over the Black Friday period to date already showing improvement on last year."

Photos: Courtesy of House of Fraser