NEWS

Hamleys fires CFO

Published on: 18th October 2018

He will be replaced by Yong Shen, the former financial officer of House of Fraser, later this month.

As reported by This Is Money, historic toy store Hamleys has fired its finance director after swinging to a loss last year.

In an announcement to staff, chief executive Ralph Cunningham said Alex Jablonowski would be leaving with immediate effect.

He will be replaced by Yong Shen, the former financial officer of House of Fraser, later this month.

An internal note circulated by chief executive Ralph Cunningham said: “It is with regret that I am announcing that Alex Jablonowski, who has been our Group CFO for the last 18 months, is leaving the business with immediate effect. Alex has been an integral part of our team during his time at Hamleys and we wish him all the very best for the future. Yong Shen will be joining the business as CFO later this month and we look forward to welcoming him to the team.”

Alex, the former finance head of Tesco, was brought in 18 months ago to lead Hamleys’ turnaround, but in 2017 the company suffered one of the worst years since it was founded in 1760. Although trading has picked up slightly this year, Alex is still leaving earlier than expected.

In 2017, Hamleys swung to a £12m loss from a £2.6m profit the year before. The chain is now being forced to close loss-making stores across the UK.

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