Mike shearwood clarks
When Mike Shearwood quit as chief executive of Karen Millen following a scrapped management buyout in September last year, he kept us all guessing on what his next move would be.
In September, he was unveiled as the new chief executive of footwear retailer Clarks, replacing Melissa Potter, who had left 12 months before.
He has his work cut out, though. Clarks’ group operating profit fell 59% to £45.8m for the year to 31 January, after a combination of over-ambitious business plans and an excessive focus on short-term performance led to a “significant” amount of excess inventory.
Group turnover edged up 2.6% to £1.53bn for the year. Industry observers said Clarks needs a sharper digital focus and tighter hand on its costs. With so much up in the air, Shearwood’s position on next year’s Top 100 could go either way.