British retailer Mothercare's CEO steps down (updated)
09/06/2023 07:24
(Adds background on company's refinancing process in paragraph
2)
June 9 (Reuters) - Baby products retailer Mothercare Plc
MTC.L said on Friday Chief Executive Officer Daniel Le
Vesconte has stepped down, effective immediately, after just
five months at the helm.
The departure comes a month after the London-listed company
said it had begun discussions with its lender to change,
renegotiate, or refinance its debt facility due to higher
interest rates, warning that it may need waivers to future
covenant tests.
Chairman Clive Whiley and Chief Financial Officer Andrew
Cook will lead the operating board until the process to find a
CEO replacement is completed, the company said in a statement.
"The board believes that a change in CEO is in the best
interests of the company and its shareholders," Mothercare said.
(Reporting by Eva Mathews in Bengaluru; Editing by Sherry
Jacob-Phillips)
((Eva.Mathews@thomsonreuters.com;))