Clarks CEO Victor Herrero exits to take on “broader responsibilities”

Clarks
A new chief executive will be announced in due course
// Clarks boss Victor Herrero has stepped down after just 9 months
// He is expected to remain at Clarks as a director

Clarks chief executive Victor Herrero has stepped down from the role just nine months after his appointment.

Herrero took the helm at the footwear retailer in February, following the exit of several members of Clarks’ executive team, including former boss Giorgio Presca.

He is expected to remain at Clarks as a director.


READ MORE: Clarks revenues drop following Covid-19 lockdowns


Clarks chairman Johnny Chen has taken on an interim position as chief executive as the retailer searches for a permanent successor.

Chen joined Clarks’ board in February this year and is vice chairman of Hong Kong-based private equity firm Lionrock Capital, which completed its acquisition of a majority stake in Clarks in March.

A Clarks spokesperson told Retail Gazette: “The Clarks business is on track to meet or exceed its forecast revenue goals, and our debt and cash positions have been considerably improved in the last few months.

“The loosening of pandemic restrictions in our key markets and the strong management of costs in the past six months have resulted in the delivery of a much-improved financial position in rapid time.

“Clarks confirms that chairman Johnny Chen will now also assume the role of chief executive as an interim measure and allow former chief executive Victor Herrero to take on broader responsibilities within the LionRock / Viva China group of companies.

“Victor has done an incredible job in a much shorter than anticipated time and gives us a unique ability to accelerate the next stages of our growth plans. Victor Herrero will remain on the Clarks board. A new chief executive will be announced in due course.”

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1 COMMENT

  1. A Great British brand now Chinese owned. I imagine sales will only decline as they have closed many stores and the quality has decreased.

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