// New Look founder Tom Singh announces retirement
// New Look makes swathes of changes to its board after paying off £1bn debt
// Angela Luger, Colin Henry, Robin Terrell and Richard Cotter appointed as non-exec directors
New Look founder Tom Singh has announced his retirement from the board after reducing its debt by £1.3 billion.
Last month New Look announced that it had slashed its debt by around £1 billion after completing a debt restructure, allowing it to further invest in its turnaround strategy.
Now the fashion retailer is making swathes of changes to its leadership team as part of its turnaround plans.
Singh found the company in 1969, growing New Look from one store in Taunton to a household name with almost 400 stores.
“On behalf of the board, I would like to thank Tom for his immense contribution to New Look over the past 50 years,” said executive chairman Alistair McGeorge.
“His vision in pioneering ‘fast fashion’ has supported New Look’s growth from a single shop in Taunton into a leader in the UK womenswear market,” he added.
“I’m incredibly proud of all that we have achieved at New Look over the past 50 years,” Singh added.
The founder’s retirement comes after House of Fraser chief Nigel Oddy was appointed as chief operating officer in April.
New Look has since appointed four new non-executive directors Angela Luger, Colin Henry, Robin Terrell and Richard Cotter.
“I am delighted to welcome Angela, Colin, Robin and Richard to the board,” said McGeorge of the newcomers to the leadership team.
“They bring a wealth of retail experience and expertise that New Look will benefit from as we continue our turnaround and rebuild our position in the UK womenswear market following the successful completion of our financial restructuring,” he added.