New Look’s turnaround man quits
NEW LOOK chairman Alistair McGeorge, credited with driving the fashion retailer back into profit, is stepping down.
McGeorge joined the firm three years ago from Matalan and guided the firm through last year’s £800m bond issue, enabling it to get back into the black.
“It’s the right time to seek new challenges,” he said yesterday.
The firm, which started in Taunton in 1969 said founder, and current executive director Tom Singh would step into the role until a permanent replacement was found. His replacement will be expected to eventually steer the firm back to a public listing.
However, chief executive Anders Kristianson said last month that it “did not have any imminent plans” to float, and needed to strengthen its position overseas and online first before considering a return to market.
The firm, controlled by private equity funds Apax and Permira, previously listed on the LSE in 1998, but went private again in 2004.