Aurora’s most senior management are stepping down as a result of the major restructure unveiled this morning.
Chairman Derek Lovelock, chief executive Mike Shearwood and chief financial officer Richard Glanville will remain at the business throughout the transition over the next 12-18 months, relinquishing their roles as the new structure is formalised.
As revealed this morning, Coast is being split out from the wider company, with Oasis and Warehouse remaining under the newly branded parent company Fresh Channel. Liz Evans, managing director of Oasis, is being promoted to chief executive of the new business.
Lovelock told Drapers the move to strip out the top layer of management was designed to create a “flatter” structure.
“We have to be flatter because we have to make quick decisions,” he said. “Where Aurora used to make the decisions, now it’ll be the brand.”
It is thought there will be limited redundancies beyond senior management.
Lovelock, Shearwood and Glanville will retain their stakes in the business, but will move back from their day to day involvement over the next few months, overseeing the split on a part-time basis.
Lovelock added: “As shareholders, we’ll keep an interest in the business, but [the new teams] will be answering to the board more directly.”
Lovelock and Glanville said they had no immediate plans for their next venture, although confirmed they planned to remain in retail.
Shearwood was unavailable for comment, but was described by his colleagues as being “in a very strong position” to buy Karen Millen, as has been widely speculated.