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Updated: New Look chief executive Kristiansen exits

New Look chief executive Anders Kristiansen has left the high street retailer after five years in the top job. 

Drapers understands Kristiansen left the business in the last 24 hours. 

He will be replaced temporarily by New Look’s UK and Ireland country manager Danny Barrasso while the business hunts for a permanent successor.

Drapers understands Kristiansen does not yet have a new job lined up. 

John Gnodde, chairman of New Look, said: “On behalf of the board, I would like to thank Anders for the fantastic contribution he has made during his time here at New Look. Under his leadership, the company has made significant progress and we wish him well for the future.

“As New Look embarks on its next phase of development, we have mutually agreed that it is the appropriate time for a change to the leadership of the company. Danny and the wider executive team have the full support of all the shareholders to provide continued operational progress and leadership as we search for a permanent CEO.”

Kristiansen added: “I have really enjoyed my time at New Look and it has been a privilege to work with so many amazing, hard-working and talented people. I am proud of what we have achieved as a company and have every faith in New Look’s future prospects and progression.”

Both Kristiansen and Barrasso outlined a new strategy for New Look in an interview with Drapers last month, which will focus on delivering trends faster, reducing the retailer’s reliance on discounting and catering to a younger customer.

Kristiansen admitted that 2016 had been difficult and that the team “could have done a better job” but stressed New Look was looking closely at product and was continuing to invest.

Underlying operating profits tumbled 44% to £97.6m in the 52 weeks to 25 March 2017 and revenue fell 2.4% to £1.45bn.

First-quarter figures published in early August also painted a troubling picture, revealing a post-tax loss of £15.2m, compared with profits of £5.8m in the same period last year. Underlying profit slumped by 60.3% to £12.1m, down from £30.5m last year.

 

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