// Clarks executive team members step down from company
// Clarks CEO, CCO and CPO have also resigned
// Clarks non-executive director Victor Herrero to take on a dual role of executive chairman and CEO
Clarks has reportedly seen several members of its executive team step down from the business.
Several senior directors exited the retailer last week, including chief executive Giorgio Presca, chief commercial officer Massimo Barzaghi and chief people officer Difna Blamey, who joined Clarks on a temporary contract last year.
Clarks non-executive director, former Guess chief executive Victor Herrero will take on a dual role of executive chairman and chief executive.
READ MORE:
- Clarks warns of Brexit impact and reveals it was struggling before Covid-19
- Clarks CVA approved by 90% of creditors
Hong Kong-based private equity firm LionRock Capital acquired a majority stake in Clarks at the end of last year.
LionRock Capital is currently appointing a new management team.
In November, the footwear retailer said that 90 per cent of its creditors – which include landlords – have voted in favour of its CVA proposals.
Group revenue at Clarks fell 6.4 per cent year on year to £1.37 billion, in the 52 weeks to February 1, 2020.
Clarks attributed the decrease to challenging trade across the UK, Ireland, Europe and the US.
It reported a profit after tax of £17.2 million, a 120 per cent increase on the previous year.
Underlying operating profit jumped 53.5 per cent to £46.2 million and its adjusted underlying profit was up 105.5 per cent to £45.2 million.
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