The CEO of fashion retailer New Look has this morning resigned from the company with immediate effect.
Founder and major shareholder of the business Tom Singh has returned to the retailer as Interim Executive Chairman while the board looks to find a suitable replacement.
A statement from New Look said: “The board would like to thank Carl for his significant contribution to the business over a long period of time, including the period since 2008 as CEO.”
Like-for-like (LFL) sales at New Look in the 15 weeks to January 8th 2011 fell 9.1 per cent year-on-year, according to a trading statement published earlier this year.
The sluggish Christmas trading period was said to be largely down to the heavy snowfall experienced in December, with the poor weather apparently impacting total sales by around £15 million, as well as reducing UK LFLs by approximately three per cent.
McPhail’s departure comes after he was set to lead a company IPO in the spring of 2010, but reversed the decision to float on the stock market due to the volatility of the equity markets at the time.
There do not appear to be any plans to revive the IPO later this year, and today’s news would suggest that finding a new leader has become the new priority for the retailer.
It was also announced today that Non-Executive Chairman John Gildersleeve has resigned from the New Look board today in order to pursue other business interests.