New Look founder Tom Singh has returned to the board as interim executive chairman following the resignation of the chain’s chief executive Carl McPhail.
McPhail, who has been chief executive since 2008 and who has worked at New Look in several senior positions for the last decade, will step down with immediate effect.
New Look failed in its bid to float the business last year after it did not hit its proposed valuation of £1.7bn. McPhail has been under increasing pressure after sales collapsed in the run up to the Christmas period, when like-for-like plummetted 9.1% because of problems with product.
Separately, non-executive chairman John Gildersleeve also recently indicated his intention to retire paving the way for the return of Singh in an executive position.
Singh’s return will be welcomed by many. Singh has vast experience of fast-fashion buying and sourcing as well as an unrivalled understanding of New Look’s customer. Although Singh has remained a shareholder in the business, he has not held an active managerial role for several years.