Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Arnotts appoints Ray Hernan as chief operating officer

Arnotts, the iconic Irish department store that was recently taken over by its banks, has appointed former Selfridges director of finance Ray Hernan as chief operating officer.

Chartered accountant Hernan, who takes over the role today (August 23) will report into Arnotts chief executive David Riddiford. Hernan previously worked for both Selfridges and for Brown Thomas reporting to finance director John Edgar. Prior to that, he was director of finance at budget airline Ryanair.

Hernan’s appointment comes less than two weeks after Mark Schwartz, retail specialist and chief executive of private equity firm Palladin Capital Group, was confirmed as the new chairman of the debt-laden department store’s board. It followed European Union Competition Commission approval of takeover of Arnotts by Anglo Irish Bank and Ulster bank.

Schwartz said: “[Hernan] has extensive experience of the retail sector and an in-depth knowledge of the Irish retail market. We look forward to having Ray Hernan on board for the journey ahead as we work together with employees and our vendor and concession partners to grow and develop Arnotts.”

Schwartz is currently conducting a review of Arnott’s senior management, which has already led to the departure of non-executive directors Keith Edelman and Michael Nesbitt, although outgoing chairman Richard Nesbitt is staying on as a non-executive director in recognition of the family’s contribution to the store.

At the time, Schwartz said he had negotiated a new working capital facility with the banks, who are keen to focus on running the core retail business in the short to medium term.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.