Quiz founder and chief executive Tarak Ramzan has stepped down from his post with immediate effect and non-executive chair, former JD Sport boss Peter Cowgill, has agreed to take on a “more active role” amid the retailer’s ongoing strategic review.
Ramzan will be succeeded by the fashion retailer’s chief operating officer Sheraz Ramzan, which the board claims will bring a “fresh approach” as it looks to return to profitable growth as sales continue to slow.
The new CEO will be responsible for implementing a turnaround strategy “to recalibrate the Quiz brand, its product offering, and reconnect with consumers”.
Ramzan will be supported by Cowgill, who will take on a “more active role” in supporting the company through to conclusion of the ongoing review of strategic options and supporting the transition of the new chief executive.
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Quiz said Tarak Ramzan had agreed to waive 50% of the payments contractually due to him for his notice period along with any fees with regards to acting as a non-executive director for the next 12 months.
The leadership reshuffle come as Quiz reported that sales in the two months to 29 February had dropped 9% to £8.6m, which it attributed to “subdued levels of traffic both in-store and online”.
Cowgill said: “The UK apparel market has undergone significant well reported changes since Quiz ‘s IPO in 2017 and it continues to evolve at pace. The board changes announced today provide an opportunity for a fresh vision and new leadership approach to create value for all shareholders.
“I look forward to working closely with Sheraz, following his well-deserved promotion to CEO, to determine the optimum path forward for the business.”
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