Keith Chapman the chairman of Findel, the home shopping group behind sports etailer Kitbag.com, has stepped down from his role at the business.
The company said today in a statement that the decision follows a review to determine the “appropriate structure” for the board going forward.
David Sugden, who joined as non-executive director of Findel in August will take over as chairman with immediate effect.
Sugden said: “Keith Chapman has successfully led Findel for many years and the Company is extremely grateful for all his efforts. Findel is now one of the leading major groups in home shopping and the distribution of educational and medical supplies. Under his leadership Findel also became the largest manufacturer of greeting cards in Europe prior to the demerger and subsequent sale of this business to Hallmark in the late 1990’s.”
Last week Findel had to restate results for the year to April 3, 2009, following a review of accounting entries within its education division. The restatement is likely to increase the pre-tax loss for the year by about £5m, which means a loss of £57m.