|Go to market news section|
Mark Newton-Jones appointed Chief Executive Officer of Mothercare
Mothercare is very pleased to announce the appointment of Mark Newton-Jones as its Chief Executive Officer. He will take up his position and join the Mothercare Plc Board on 17 July 2014.
The appointment follows Mark Newton-Jones' successful tenure as the Group's interim CEO, a position he has held since 17 March 2014. The Board has conducted a thorough recruitment process over the past few months and is confident Mark is the right person to lead the business.
Mark has extensive retail experience - across both stores and online - gained during a career that spans more than 30 years. Most recently he spent 10 years as CEO of Shop Direct Group during which he led its turnaround and transformation into one of the UK's leading internet and home shopping businesses. Previously Mark spent 18 years at Next Plc where he held a variety of senior retail roles, including in his last five years as the Director responsible for the Next Directory.
Since the start of the financial year, progress has been achieved across our International and UK businesses and the Board believes that scope for further improvement and growth in shareholder value is substantial. The Company will provide an update at the time of its AGM on 17 July on recent trading performance and Mark's initial views as part of its Q1 update.
Alan Parker, Chairman of Mothercare Plc, said: "I am delighted that Mark will be joining Mothercare on a permanent basis as our new CEO. He has made a substantial difference to the UK business already in the four months he has been with us and is a first-class retailer with a highly successful track record. After a rigorous recruitment process, we have chosen a strong and experienced leader in Mark to drive the UK turnaround, and take Mothercare's international business from strength to strength in order to deliver significant value for our shareholders."
Mark Newton-Jones said: "I am very much looking forward to leading the Mothercare Group at such an important time in its development. Mothercare and Early Learning Centre are two iconic UK retail brands which have both developed into significant international businesses, serving parents and young children in 60 countries. We now need to put in place the building blocks to strengthen the UK performance and I believe there is then a tremendous opportunity to take this business forward. It will be a pleasure to work alongside Mothercare's team of passionate and knowledgeable colleagues as we rebuild the UK and continue to grow our global presence."
Notes to Editors
Prior to joining Mothercare in March 2014, Mark Newton-Jones was CEO of Shop Direct Group, a position he held for almost ten years. He joined the Group in 2003 at Littlewoods Stores and was appointed Group Chief Executive of the newly-formed Littlewoods Shop Direct Group in 2005. Under Mark's stewardship, Shop Direct embarked on one of the largest retail integrations in Europe, merging and integrating Littlewoods and Great Universal Stores, and a significant transformation journey from a failing large scale bricks-and-mortar operation, to one of the UK's leading multi-channel retailers with seamlessly integrated mobile, online and digital platforms. Mark led the acquisition of Empire Stores, followed by the purchase of the Woolworths and Ladybird brands in 2009 and the launch of the successful online fashion brands, www.very.co.uk and www.isme.com
Prior to joining Shop Direct Group, Mark spent 18 years at Next, rising through the ranks to become the youngest regional manager with responsibility for over 100 of Next's 300 stores at the age of 25. In his last five years at Next he was responsible for the highly successful Next Directory, taking it online in 1998 and becoming one of the UK's first online retailers. Mark began his retail career in his family run retail and wholesale business, working alongside his father and grandfather.
Mark holds two non-executive director positions at boohoo.com and Pockit.
The Mothercare group is comprised principally of two leading retail brands with international appeal; Mothercare and Early Learning Centre.
The group's brands operate through three distinct channels to market; UK stores, Direct (being the in-home and in-store internet-based businesses and catalogue mail order), and International.
The International business is significant, with Mothercare and ELC brand retail operations operated by group franchisees (and three joint ventures) in over 1200 locations in 60 overseas markets. International retail sales represent over 60% of the group's total retail sales.
Mark Newton-Jones will be appointed on a salary of £600,000. His remuneration package will be in line with the Directors' Remuneration Policy being put forward for approval by shareholders at the Annual General Meeting on 17th July, including an element in respect of relocation. Details of long-term incentive plan awards and targets will be agreed following shareholder consultation, as already disclosed in our Annual Report and Accounts.
London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.
|©London Stock Exchange plc. All rights reserved|