RNS Number:4240Y
Retail Stores PLC
10 July 2002 FOR IMMEDIATE RELEASE 10th July 2002 RETAIL STORES PLC: BOARD CHANGES Retail Stores plc ("Retail Stores"), owner of the Liberty retailing business and
in which Marylebone Warwick Balfour Group Plc has a 68.3% interest, today
announces that, due to ill-health, Fiona Harrison has resigned as Chief
Executive with immediate effect. She will, however, remain on the Board as a
Non-Executive Director.
The Board will be strengthened by the appointment of John Ball, currently
Liberty's Retail Managing Director, and Nick Mather, Liberty's Director of
Finance and Administration. Mr Ball, aged 50, is being appointed Interim Chief
Executive of Retail Stores until a new Chief Executive is appointed to replace
Ms Harrison. Mr Mather, aged 44, joins the Board as Director of Finance and
Administration.
Richard Balfour-Lynn, Chairman of Retail Stores said: "It is with great sadness
that we announce Fiona's decision to give up her executive duties at Liberty. Since joining the Board more than 18 months ago she has made a tremendous
contribution to the business. Her strategic direction stabilised Liberty
enabling implementation of the difficult first phase of our revitalisation
programme for the business - the successful launch of the refurbished Regent
House. We are delighted that Fiona will continue in a non-executive capacity,
enabling Liberty to continue to benefit from her wealth of experience.
"Longer term it is our intention to appoint a new Chief Executive who will
significantly strengthen the current management team and demonstrate an ability
to fully exploit Liberty's intrinsic value as a modern and innovative brand," he
added.
Mr Ball was previously a Director of Coats Viyella (Retail & Fashion Division)
Limited and Mr Mather was Finance Director of French Connection Group plc.
Ends.
Contact: Richard Balfour-Lynn, Chairman, Retail Stores plc. Tel: 020 7706 2121 Baron Phillips, Baron Phillips Associates. Tel: 020 7397 8932.
This information is provided by RNS
The company news service from the London Stock Exchange |