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.