Bonmarché has announced the departure of CEO Beth Butterwick, who spent four years at the helm of the fashion retailer.
Butterwick will step down to join Karen Millen as CEO, and will remain with the company until a new permanent Chief Executive is found.
“It has been a great privilege to lead this unique Company,” Butterwick said. “I would like to offer my sincere thanks for the valued support from customers, colleagues, suppliers and shareholders, throughout my time with Bonmarché.”
Chairman John Coleman thanked Butterwick for her “exceptional contribution over the past four years.”
“She has led the business through a transformative period, through the acquisition by an affiliate of Sun Capital partners in 2012, the IPO on AIM in 2013, and most recently the Company’s transition to the London Stock Exchange’s Main Market as one of the UK’s largest women’s value retailers.
Beth has imbued Bonmarché with a sense of energy and purpose, and today the business is well-placed for long-term success, with a robust balance sheet, strong management, and a carefully formulated growth strategy. We wish her all the very best for the future.”
However, the company also gave a pessimistic prediction for the end of the trading period. The statement called the trading conditions during December, including Black Friday, “very challenging” and warned that they had “not normalised”. The Board predicts that full year profits will be in the range of £10.5m to £12m.
A full post-Christmas trading update will be released in January next year.