NEWS

Mothercare slims board of directors to cut costs

Published on: 18th June 2019

The retailer has said that the move will halve the cost of the board for next year. 

Mothercare has reduced the size of its board of directors in a bid to overturn its financial losses. The retailer’s chief executive, Mark Newton-Jones, said the company has added more restructuring experts and that the board now has directors who are more hands-on with the company’s restructuring.

Mothercare said that the boardroom reshuffle will halve its cost next year.

Mark, who was ousted from the role in May 2018 and then re-hired a month later, spoke on Mothercare’s boardroom restructure at a conference this week.

“We had a board that was of a scale appropriate for a much larger company,” he said at a Times CEO Summit panel. “We now have a board that is very operational and is contributing beyond governance,” he said.

Mothercare posted its financial results for the year ended 30 March last month and acclaimed its progress following a CVA.

However, the company’s losses widened by almost 20% to £87.3m, while group revenues fell 7.9% to £1.07b for the year.

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