Arcadia loses another director as interim chairman steps down
Sir Philip Green’s retail empire has lost another director as interim chairman Jamie Drummond Smith stepped down.
Drummond Smith quit on 30 August, the same day that chief operating officer David Shepherd retired, according to company filings.
Read more: Arcadia COO steps down
A former partner at Deloitte and chairman of Cattles, Drummond Smith joined the board in April to oversee Arcadia’s restructuring plan. Independent turnaround expert Peter Bloxham, who was also appointed in April on an interim basis, will remain on the board.
His departure from the board follows the resignation of Karren Brady and Sharon Brown who both stepped down from the board after allegations of inappropriate behaviour emerged against Green. Green has denied all allegations.
Arcadia is in the middle of implementing its restructuring plan after a company voluntary arrangement was narrowly approved by creditors.
The plan was delayed after two US landlords filed legal challenges against the CVA. However, Vornado, which owns two Topshop stores in New York, and California-based property firm Caruso withdrew their case last week, giving Arcadia the green light to close 23 stores in the UK and slash rent at a further 200 branches.
Read more: Arcadia denies it is preparing to dismantle brands
Arcadia chief executive Ian Grabiner said: “Jamie was appointed on an interim basis to assist the board through the restructuring options for the Group. Following the successful completion and approval of the Group’s CVAs, Jamie has stepped down from his role.
“On behalf of the Board I would like to thank Jamie for his support and wish him well for the future.”
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