// Shoe Zone board member Jeremy Sharman resigns & sells stake in business to CEO Anthony Smith & chairman Charles Smith
// Charles Smith now has a 22% stake in Shoe Zone, while Anthony Smith accounts for 28% of the business
Shoe Zone’s chief executive and chairman have both increased their stakes in the footwear retailer after non-executive director Jeremy Sharman stepped down from the board.
The Sharman Family Pension Fund – of which Jeremy Sharman is a beneficiary – sold its entire holding of 234,375 ordinary shares in Shoe Zone to Sheepy Magna Investments Limited and Slawston Investments Limited.
Slawston an investment vehicle in which Shoe Zone chief executive Anthony Smith has a 50 per cent interest, while Sheepy Magna is an investment vehicle in which chairman Charles Smith has a 50 per cent interest.
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Sharman sold his stake earlier this month at a price of 61p per ordinary share.
Yesterday, Shoe Zone’s shares were trading at 53.5p by close of market.
The transaction means Charles Smith now has a 22 per cent stake in Shoe Zone, while Anthony Smith’s shares account for 28 per cent of the business.
Together, the Smiths have a 50.48 per cent stake in the retailer.
Replacing Sharman on the board is Victoria Norrish, who is currently supply chain director at The Works.
She previously worked as head of management accounts at Jessops after beginning her career as an auditor with KPMG and Godkin & Co.
“I am proud to have served on the Shoe Zone board for the last nine years,” Sharman said.
“Having now completed two full terms of three years as a public company it is an appropriate time for me to step down as a non-executive director.
“I am pleased to have been involved in the recruitment process for my successor and am sure that Victoria Norrish will bring a wealth of talent and experience to the board.”