Mothercare CEO Calver resigns
Mothercare has announced this morning that its chief executive Simon Calver has handed in his notice.
Calver’s resigned “with immediate effect”, the company said, and will leave at the end of March.
The baby goods retailer, with issued a profit warning in January, following heavy Christmas discounting, has yet to appoint a successor.
Calver will receive a £250,000 payment in lieu of six months’ notice, along with £44,540 as compensation for contractual benefits including pension contribution, the statement said. It added:
There will be no bonus payment in respect of the 2014 financial year, and the proportion of the 2013 bonus awarded as deferred shares will lapse.
Outlook
The board took the opportunity to say it “remains confident” in the underlying strength of Mothercare, and expects results for the year ending March 2014 to be in line with current market forecasts.
The strategy remains to restore profitability in the UK business to complement the strong and growing International operations.