Safestyle UK's CEO Gallacher to step down, CFO Neale to take top job (updated)

Safestyle UK

14/12/2022 14:46

(Adds company comment, background)
       Dec 14 (Reuters) - Safestyle UK Plc  SFES.L  said on
Wednesday its Chief Executive Officer Mike Gallacher would step
down after more than four years in the role, weeks after the
British windows and doors retailer issued its second profit
warning in four months.
    Finance chief Rob Neale will take over the top job,
effective immediately, and Gallacher, 56, will leave the
business at year-end for personal reasons.
    Safestyle has been grappling with higher costs and weakening
demand as volatility in the UK mortgage market led to a housing
downturn and fewer installations of doors and windows.
    Shares of the company, which have slumped about 50% since
Gallacher took over as CEO in May 2018, were trading about 2%
lower on Wednesday at 27 pence.
    Safestyle said it had started the independent search process
for the replacement of 44-year-old Neale, who took up the CFO
role in mid-2018.
    "Rob (Neale) has made an invaluable contribution to the
group since his appointment and the board has complete
confidence in his ability to lead Safestyle through the next
phase of its corporate growth," the company said in a statement.
 (Reporting by Aby Jose Koilparambil and Anchal Rana in
Bengaluru; Editing by Devika Syamnath)
 ((abyjose.koilparambil@thomsonreuters.com; +919986528692))