Coast’s chief financial officer Pall Olafsson has left the business and consultant David Wiseman has been appointed as interim chief financial officer.
Olafsson was appointed as a director at Aurora Fashions, which owns womenswear retailers and brands Coast, Oasis and Warehouse, in 2009 until May 2014 and continued as chief financial officer of Coast until his position was ‘terminated’ in December. It is understood that this was a mutual agreement.
He was brought into the business by Icelandic bank Kaupthing, where he was portfolio manager from November 2008 to May 2013. He was previously M&A associate from October 2003 to October 2008.
Aurora is majority owned by the winding-up committee of Kaupthing, which is in the process of breaking up the group to make it easier to sell the individual brands to new investors. Karen Millen was spun off from Aurora in 2011.
A Coast spokeswoman said: “We can confirm that Pall Olafsson has now left Coast. We would like to thank him for his contribution to Coast over the last 18 months, and wish him all success in his future endeavours. David Wiseman who has been working as a consultant with the Coast leadership team for some months will be acting as interim chief financial officer.”