Mothercare boss Mark Newton-Jones has had a really unusual month. A couple of weeks in the past he was sacked – with virtually no discover – after being informed outcomes weren’t ok. On Thursday he was sensationally rehired.
It marks an upturn in a tumultuous 4 years for the struggling retailer’s chief government. Mothercare introduced on Thursday it might shut 50 shops as a part of a rescue plan.
That precipitated shares to shoot up 30 per cent suggesting many traders had been predicting the chain would go bust.
Mothercare to shut 50 shops with lack of lots of of jobs
However who’s the chief government so good they employed him twice?
By the point he joined Mothercare in 2014, Newton-Jones’ had virtually three a long time of retail expertise starting within the stockroom at Subsequent, aged 18.
He rose by way of the ranks to develop into a senior supervisor a senior supervisor earlier than working Subsequent Listing, the style chain’s catalogue and web arm. In 2003 he joined Store Direct, which owns Littlewoods and Very.
Store Direct, which is owned by Telegraph proprietors Sir David and Sir Frederick Barclay, had been a group of declining manufacturers however expanded quickly throughout Newton-Jones’ time there.
Littlewoods loss-making shops closed in 2005 and firm focused on-line gross sales development. Newton-Jones grew to become chief government in 2005 and drove the agency’s transformation into one of many UK’s largest on-line and catalogue retailers.
The 50-year-old from Solihull introduced in 2012 that he deliberate to go away Store Direct for a brand new problem, however stated he would keep on for an additional 12 months to steer the corporate by way of what he predicted can be a tough time.
He informed the Telegraph in January 2012: “I simply determined over Christmas, might I commit to a different three to 5 years on the firm.
“I’ve already performed eight right here and I believe I might do ten, however I believe after that it’s time to do one thing else.”
True to his phrase, he caught it out earlier than the transfer to Mothercare as interim chief government in March 2014 after the sudden departure of his predecessor Simon Calver.
The rot had already began on the babycare specialist. Six weeks earlier it had revealed disastrous Christmas gross sales.
Mothercare chairman Alan Parker had type phrases to say in regards to the new rent: “We’re delighted to have secured the appointment of Mark as our interim CEO.
“His management expertise and depth of expertise in retailing by way of shops and on-line will additional improve our drive to ship the restoration of the UK enterprise to enhance the robust and rising worldwide operations.
Parker’s feedback had been in sharp distinction to these he made final month when sacking Newton-Jones minutes earlier than saying his substitute as chief government.
“I spoke to Mark and I believe he understands and appreciates why this choice has been taken however however this stuff are a shock after they occur,” Mr Parker stated.
‘We now have appeared on the outcomes over the previous few years and albeit we’ve been upset. The share worth, the efficiency of the corporate and the outcomes haven’t been what anyone needed, and in the end the time has come for the board to take a choice on that
Two weeks later, Parker was out and now Newton-Jones is again in, with a really tough job on his arms making an attempt to show Mothercare round.
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