Moss Bros decides chief doesn't suit
BID target Moss Bros has parted company with chief executive Adrian Wright, who is leaving 'to pursue other interests'. He is being replaced by boardroom colleague Philip Mountford, who joined last April as buying and trading director.
Wright, on a package of almost £200,000 last year, has successfully returned the group to the black after four years of losses, but the board is thought to have wanted someone with more retail flair to take the business forward. Wright is on a one-year contract and compensation is under discussion.
Results for the year to end-January will be in line with market expectations, which are for a profit of around £1m against a £2.5m loss the previous year.
Although like-for-like sales in January were flat, the group had a good Christmas and New Year and said margins for the year were up 7%, reflecting lower levels of promotional activity.
It is still trying to establish the identity of a mystery shareholder who has built up a 2.9% stake.