Lidl UK finance boss Marco Di Costanzo has stepped down from his role as the discounter grapples to achieve profitable growth.
The executive leaves after two years in the position, and is understood to be taking on a new role under Lidl’s parent company, Schwarz Group, after his UK successor is appointed.
The news comes as Lidl continues its aggressive expansion plan, having recently launched its biggest ever warehouse in Luton, costing £300m.
While the discounter’s UK CEO Ryan McDonnell claimed there was “no ceiling” on its expansion plans, its latest accounts showed a £76m pre-tax loss for the chain in the year to February 2023, after interest paid on its borrowings nearly trebled to £108m.
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The retail giant also has nearly £3bn worth of debt.
Despite the heavy losses, Lidl sales rose nearly 19% to £9.3bn over the year as its market share rise from 6.1% to 7.1%, marking its fastest growth in the past five years.
The discounter is predicting a record-breaking Christmas this year as it revealed that customer numbers were up 11% in the six weeks to the end of November.
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