The chief executive officer of AIM 100 clothing firm Joules Group PLC (LON:JOUL), Colin Porter, has said that he will retire before the end of its 2020 financial year.
While the exact timing of Porter’s retirement was not confirmed, the company said a process to appoint a replacement was now underway.
READ: Joules unveils solid first-half profits and sales but shares fall on weaker margins
Porter, who joined the upmarket fashion chain in 2010 as chief operating officer before becoming CEO five years later, led the company through its listing on AIM in May 2016 and a 43% rise in its share price since then.
"Colin has made a truly outstanding contribution to Joules since joining the business in 2010. During his tenure, Joules has achieved fantastic growth both in the UK and internationally,” said Ian Filby, non-executive chairman of Joules.
Joules has a committed, experienced and highly skilled executive management team who, along with Colin's successor, will continue to focus on expanding Joules as a leading lifestyle brand.
The notice of Porter’s impending departure follows news on 18 March that he had joined menswear retailer Moss Bros Group PLC (LON:MOSB) as a non-executive director, and is due to become chairman at its annual general meeting in May.
His decision to retire also came after the group posted a 14.7% rise in underlying pre-tax profits to £10.7mln in its latest first half, although this was accompanied by a drop in margins of 80 basis points to 54.5% and a cut to the interim dividend.
"Since joining Joules in 2010 the company has grown significantly. This reflects the strength of the brand and the skill and commitment of the entire team across the business,” Porter said.
"I remain as committed as ever as we continue to focus on delighting our customers and delivering our strategy to further expand the Joules brand."
In a note to clients, Joules’ house broker Peel Hunt said they were confident that the company would be able to move through the CEO succession process with “minimal disruption”.
In early trading on Monday, Joules shares slipped 3.1% to 279p.