Littlewood boss ousted in shake-up
Littlewoods chief executive Barry Gibson has left the retailer after losing the backing of his board, it emerged today.
Mr Gibson departed last night after four years in the role and has been replaced by supply chain director Alistair McGeorge.
Corporate services director Jim Donovan said: ‘‘The board decided that they wanted a change of leadership.
‘‘In many ways (Mr Gibson) has done a fantastic job - he is an agent of change. But the board decided they wanted a fresh face in the job to take the business forward.’’
Mr Gibson, who was paid an estimated £700,000 a year, leaves the group at the end of a bumpy few months for the family-owned firm.
Last summer it launched a group-wide reorganisation after slipping into the red for the half-year, selling its betting arm, cutting prices and axing 250 jobs at its head office in Liverpool
In June it said the overhaul was beginning to pay off, although at the same time reported that pre-tax profits for the year to April 30 had slumped from £54.4m to £18.9m. Turnover was flat at £1.9bn.
Mr Donovan said this had been ‘‘part of the background’’ to Mr Gibson’s exit but added: ‘‘The restructuring programme that we set in place is complete and the business is in a stable shape.
‘‘It is now about organically growing the group.’’
Mr McGeorge, a chartered accountant, joined Littlewoods in 1994 as finance director of its home shopping division.
Littlewoods also announced today that chairman James Ross was leaving at the end of April next year.
The retailer said ‘‘a range of candidates’’ are being considered as a replacement for Mr Ross, who told the board of his intention to retire in January.
