The search for a new Argos Managing Director (MD) is underway after current incumbent Sara Weller announced her departure from the multichannel retailer today, effective from June.
CEO of parent company Home Retail Group Terry Duddy will assume responsibility for the multichannel retailer on an interim basis while a replacement is found.
Weller revealed she is leaving for personal reasons and is not understood to be taking on a full-time role elsewhere, although she will seek non-executive positions in the future.
Her departure comes soon after Alliance Boots CEO Andy Hornby and Debenhams CEO Rob Templeman both announced they will be stepping down from their respective roles at a time when UK retailers are being faced with falling sales and low consumer confidence.
Argos’s MD said today that her decision to leave is “absolutely in the best interests of my family and me”.
“I will miss being part of the strong team that we have built within the business,” she commented.
One of her final moves at Argos was to announce the launch of the retailer’s new TV shopping channel, which is due to start broadcasting later this year after years of speculation that the company would follow this route.
“I have greatly enjoyed my time with Argos as we have successfully developed our multichannel retailing offer,” Weller added.
Oliver Stocken, Chairman of Home Retail Group, remarked: “We are very grateful to Sara for her hard work and commitment over the last seven years.
“She has been a great leader for Argos and whilst we will miss her contribution, we fully understand and respect her reasons for stepping down and wish her all the best for the future.”
Today’s announcement also comes on the same day that Argos reported its full-year results for the 12 months to February 26th 2011.
Benchmark operating profit and like-for-like sales at the company were down 18 per cent and 5.6 per cent respectively year-on-year.