Style retailer New Look has confirmed that chairman Alistair McGeorge, who has helped turn around the budget fashion brand, is to step down from the Board at the end of May to “pursue other opportunities”. McGeorge joined New Look in 2011 following the departure of its chiefexecutive Carl McPhail and during his tenure he has helped the retail go from posting pre-tax losses in 2012 to returning to growth, as well as assisted with the refinancing of New Look’s 1 billion pounds of debt.
In October last year, McGeorge moved from executive to non-executive chairman, where he relinquished his day-to-day responsibilities to chief executive Anders Kristiansen to assist the fashion retailer in its “next phase” of development, including the chains entry into China.
At the time, McGeorge described the move as a “natural conclusion” of his New Look strategy following the appointment of Kristiansen as CEO and added that he was “confident” that under his leadership the retailer would become a successful international brand.
New Look chairman Alistair McGeorge to depart
Founder Tom Singh will replace McGeorge, moving from commercial director at the fashion retailer to interim non-executive chairman until New Look appoints a permanent successor.
Commenting on the departure, Anders Kristiansen, CEO of New Look said: “The Board joins me in thanking Alistair for his commitment and invaluable contribution to the Group. He has been an instrumental part of the transformation of the Company over the past three years.
“I would like to take this opportunity to express my enormous gratitude to Alistair for his stewardship and counsel and I wish him all the best with his future endeavours.”
McGeorge added: “I have greatly enjoyed my time at New Look but I feel that it's the right time to seek new challenges. I am very proud of what we have achieved and I am fully confident that the Company will continue to flourish under Anders and his team. I wish all my colleagues the best for the future.”
It is being reported that McGeorge is looking to move back to an executive role overseas.