Ex-Celtic boss takes helm at Halfords
A former Scottish soccer boss is to replace the chief executive of car accessories and cycle retailer Halfords, it was announced today.
Halfords’ chief operating officer Ian McLeod, who was previously chief executive of football club Celtic, is taking over from David Hamid, 53, who is retiring due to ill health.
Mr McLeod joined Halfords in September 2003 after two years in charge of Celtic. He was previously with supermarket group Asda for 20 years, including four years as a director and a year on the executive board of the German arm of parent company Wal-Mart.
Mr Hamid, who joined Halfords nearly two years ago after a 17-year career with electrical chain Dixons, is leaving to have a heart operation. He will remain an adviser to the board until the end of June.
Halfords floated on the London Stock Exchange in June and has seen its shares rise from 265p to the current level of 312p.
It rewarded investors with their first dividend in November after revealing that half-year operating profits rose 18% to £46 million, driven by demand for in-car entertainment and satellite navigation systems.
Chairman Rob Templeman said Mr McLeod had great credentials for the job and had played an important role in running the business, adding: “We are confident that Halfords will continue to fulfil its potential under Ian’s leadership.”
He said Mr Hamid had made a valuable contribution to the business.
Analyst Richard Ratner at stockbroker Seymour Pierce said he had no concerns about the change of control.
“We think Halfords has traded better than most in the retail sector and believe there is further upside to come,” he said.
Halfords is the UK’s leading retailer by turnover in the sale of car maintenance products, car accessories, cycling products and travel goods. It has 387 stores and employs 9,000 staff, of which around 6,000 work full-time.
Shares fell 2p to 312p today.
