N Brown CEO Angela Spindler leaves after five years

Angela Spindler, the boss of Jacamo and of Simply Be owner N Brown, was ousted on Wednesday after five years at the helm.

Spindler, 56, who spearheaded the business’s transition from a catalogue-focused business into a nimbler online retailer, will leave at the end of this month. Steve Johnson, the retailer’s credit card business boss, will be the interim chief until a successor is found. The move was the board’s decision, not Spindler’s, insiders said.

The retail-to-financial services company has seen its share price fall from 267p at the start of the year to 159p today, when shares fell 3%.

Matt Davies, 47, who joined as chairman in May from Tesco — which he was credited with steadying after an accountancy scandal engulfed the grocer — said: “We recognise that now is an appropriate time to search for a new leader who can take the business forward through the next phase of its development.”

Spindler said: “I have been incredibly proud to lead N Brown over the past five years.”