// New Look appoints Stuart MacKenzie to its board of directors as a non-executive member
// He replaces John Gnodde
// Gnodde represented the interests of Brait, which owns a 18.5% stake in the business
New Look has appointed Stuart MacKenzie to its board of directors as a non-executive member, replacing John Gnodde.
As a board member, Gnodde represented the interests of South African company Brait, which has an 18.5 per cent stake in New Look.
He first joined the the fashion retailer’s board in 2015, first serving as non-executive chairman and then becoming a non-executive director in 2017.
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However, Gnodde stepped down as chief executive of Brait in February and subsequently left the board of New Look on March 1.
Meanwhile, MacKenzie is the chief executive officer of Ethos Private Equity, Brait’s new corporate adviser.
He has leading Ethos since 2014, and was appointed to New Look’s board due to his experience in working with portfolio companies across numerous industries.
The news comes amid reports that Brait is looking to sell off various assets, including its New Look interest, in the next five years.
Brait is also the former majority owner of New Look, but its was stake was dramatically reduced last year after a debt-for-equity swap with bondholders amid a refinancing deal.