Arcadia Group interim chairman Jamie Drummond-Smith has stepped down from his role at the business.
Drummond-Smith was appointed in April this year on an interim basis to assist the board through the restructuring options for the group. Following the completion and approval of the group’s seven company voluntary arrangements, he has now stepped down. There is now a process under way to appoint a new chairman.
It comes just two days after David Shepherd stepped down from the company as chief operating officer, after more than 25 years at the company.
Ian Grabiner, chief executive of Arcadia, said: “Jamie was appointed on an interim basis to assist the board through the restructuring options for the group. Following the successful completion and approval of the group’s CVAs, Jamie has stepped down from his role. On behalf of the board, I would like to thank Jamie for his support and wish him well for the future.”
Earlier this week Arcadia denied reports that the business is splitting into separate brands ahead of a possible sale. Reports claimed the company has already started “untangling shared functions such as human resources and IT”, but was waiting for its US legal challenges to be resolved before forging ahead.
Two US landlords, Vornado and Caruso, withdrew their legal challenges against Arcadia Group’s CVAs last week.