Matalan boss set to leave
The chief executive of clothing retailer Matalan is to leave the company at the end of the year – with an extra 12 months' worth of pay – it was announced today.
John King will return to the United States where he worked prior to joining the company from lingerie retailer Delta US in 2003.
His replacement will become Matalan’s fourth chief executive in five years. Angus Monro left in 2001 and his successor Paul Mason followed him out the door 15 months later after clashing with chairman John Hargreaves over managerial style.
Mr King will continue to manage the business while his replacement is recruited – and will be given an extra 12 months remuneration on top of his salary package as a reward for sticking with the firm during the management transition.
Today’s announcement comes just over a week after Lancashire-based Matalan announced it had stemmed a sales decline despite challenging trading conditions over the festive period.
