Clive Whiley has been left holding the baby at Mothercare PLC (LON:MTC) after non-executive chairman Alan Parker vacated the chair.
Whiley takes over from Parker on an interim basis and the appointment is supported by a number of the struggling retailer's key shareholders, according to David Wood, who became Mothercare's chief executive officer a couple of weeks back.
READ: Mothercare sales still falling as debt talks continue
"Mothercare is currently facing a number of challenges, not least a highly competitive retail environment. We recognise the clear needs ahead of us as we pursue our refinancing to allow us to complete our transformation plan,” Wood said in a statement, adding that Wood's specific skills related to refinancing and restructuring would strengthen the company's leadership.
Parker, who is retiring, concurred with Wood.
"After completing six years as chairman, I feel the time is right to hand over the chairmanship of Mothercare to Clive. His experience of successful restructuring and refinancing will help steer Mothercare through its next phase,” Parker predicted.
MOTHERCARE
Mothercare has announced its chairman Alan Parker is leaving, just weeks after its chief exec stepped down from his post.
The Watford based chain is suffering weak sales and higher costs#HeartNews pic.twitter.com/71sX5kVUDd
— Hertfordshire News (@HeartHertsNews) April 19, 2018
Whiley pledged to try to return Mothercare to a sound financial footing and deliver a successful plan to improve performance.
Shares in Mothercare were unchanged on the news.