N Brown Group, which owns brands Simply Be, Jacamo, JD Williams and Ambrose Wilson, has appointed Daniel Joy as financial services CEO.
Joy joins from Swedish bank, Ikano Bank AB, where he spent 11 years, most recently as chief commercial officer. Before this, he spent two and a half years at financial services company Fairpoint Group.
He will start at the beginning of January, subject to regulatory approval, and will report directly to CEO Steven Johnson. Joy replaces Mark Murphy, who has acted as interim CEO of financial services since June 2019.
Johnson said: “Dan brings a wealth of relevant experience and his new perspective will be invaluable as we continue with our strategy to deliver sustainable, digital, profitable growth.”
N Brown Group returned to profitability in the first half of 2019, despite a drop in revenue. Statutory operating profit increased to £14.7m – up from a £28.3m loss in the first half of the previous year.
However, group revenue fell 5.4% to £432.9m, while overall net debt rose by 14.5% to £481.6m.
The group said it invested in both its men’s and women’s wear brands during the period, relaunched its social media strategy, and closed its international division and US marketing operation, thereby “removing an unprofitable part of [its] business”.
It said it will continue to focus on the UK and plans to improve its customer experience, product offering, operation and working environment.