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Blacks’ Finance Director resigns


Marc Lombardo, Finance Director for Blacks Leisure, has announced his resignation from the retailer this morning ahead of taking up another position later this year.

This is the latest in a series of changes in management by the ailing trader this year, only months after it hired Julia Reynolds as its new CEO.

Reynolds predecessor Neil Gillis stood down from his position in February and was followed out of the business by Chairman David Bernstein after criticism by major shareholder and rival retail boss Mike Ashley.

After Ashley voted against Bernstein’s re-appointment, the retail veteran stood down from the board despite securing 78 per cent of the votes and has since been replaced on a temporary basis by former Selfridges boss Peter Williams.

On today’s announcement, Interim Chairman Williams said: “Marc has helped steer Blacks through some challenging times in retail.

“On behalf of the board I would like to thank him for the significant contribution that he has made to the company over the last three years and wish him every success in his new role.”

Blacks has found it tough going in the recent challenging market conditions and had to extend and increase its banking facilities this summer following a 9.7 per cent fall in like-for-like sales for its financial quarter ending in July.

Lombardo has been with the company since August 2008 having joined from food & beverages firm Greene King at which he worked for over a decade.

The Nomination Committee for Blacks will now look for a replacement, with Lombardo leaving the firm on December 16th having worked his three month’s notice.

“The end of the year feels like the right time for me to move on to a new challenge once Julia Reynolds, our new CEO, is well established in the business,” Lombardo commented.

“I wish Julia and all my colleagues well for the future.”

Published on Friday 16 September by Editorial Assistant

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