Mothercare has confirmed the return of Mark Newton-Jones as its chief executive officer effective from today, following the announcement of his reappointment yesterday.
It is understood that Newton-Jones, who was ousted from the retailer just over a month ago, has taken a significant pay cut to return to the helm.
During his previous stint as chief executive of Mothercare, Newton-Jones earned £612,000 a year, but has now returned with a reduced pay packet of £480,000.
According to Mothercare, all other terms of his employment contract remain unchanged, which is understood to include a pension and benefit package worth over £200,000.
This is the latest in a series of dramatic changes in Mothercare’s boardroom.
In April Newton-Jones was forced out over concerns due to his lack of progress in turning the retailer around.
He was succeeded by David Woods.
It is thought that chairman Alan Parker was a key player in his dismissal, but just weeks later, Parker also departed from the retailer and was succeeded by Clive Whiley.
Whiley has been fundamental in driving forward the company’s restructuring plans, which were confirmed yesterday and includes 50 store closures that threaten 800 jobs.
With Newton-Jones’ reappointment, Wood will take on the roll of group managing director.