Mothercare CEO Mark Newton-Jones has stepped down from the role and will be replaced by Kmart Holding group president David Wood.
David’s appointment will take place with immediate effect. He has worked at the US retailer for two years, starting in 2015. Before that, David held a number of senior commercial, marketing and general management positions at Tesco.
Mark Newton-Jones joined Mothercare as interim CEO in March 2014 before the role became permanent in July of that year. Mark has been trying to turn the business around during his time at the helm. Last month the retailer admitted it had begun talks with its financing partners, since it expects it will need “waivers of certain financial covenants” to support its strategy.
David commented: “I am delighted to be leading Mothercare, a business with a fantastic heritage and an exciting future both in the UK and internationally. My immediate focus is to ensure Mothercare is put back on a sound financial footing and deliver a successful plan to improve performance. Central to this will be our customers and their experience, securing Mothercare’s reputation as the number one choice for parents.”
Mothercare chairman Alan Parker, commented: “We have made positive progress but it is essential that we have the most effective leadership in place to meet our ambitions for our customers and our shareholders. David has a great track record in similar circumstances across international and consumer-facing brands and is a highly effective operator of retail operations.”