Matalan CEO Jo Whitfield resigns after impactful 18 months.
- Whitfield’s departure comes as Matalan shows financial improvement.
- Leadership restructuring was pivotal during her term.
- Karl-Heinz Holland to temporarily fill the leadership gap.
- The search for a new CEO is already in progress.
Jo Whitfield, the CEO of Matalan, has resigned after 18 months, a period marked by significant transformation for the company. Her leadership saw substantial changes, including the rebuilding of the leadership team to navigate the company through challenging times.
During Whitfield’s tenure, she played a crucial role in stabilizing the business. She appointed Ali Jones as chief customer and omnichannel officer, Ben Smith as chief trading officer, and Phil Hackney as chief supply chain operation officer. This restructuring aimed to enhance Matalan’s operational efficiency and customer focus.
Following her resignation, Matalan’s chair, Karl-Heinz Holland, will step in as executive chair. The company emphasized that a comprehensive search for a permanent CEO is underway, underscoring their commitment to maintaining strategic direction.
Karl-Heinz Holland remarked, “[Whitfield] has led the team that have stabilized the business and, perhaps most importantly, she has put customers and colleagues back at the heart of everything we do. Matalan is a business with strong fundamentals and remains on a firm financial and operational footing. The board has every confidence that we will deliver our strategic plan.”
In the fiscal year ending 24 February 2024, Matalan reported a 44% reduction in its pre-tax loss and a 92% increase in EBITDA, reaching £53 million. This recovery is attributed to improved gross margins, stringent cost controls, and operational enhancements, despite a 6% dip in revenue attributed to strategic decisions and tough market conditions.
Jo Whitfield reflected on her time at Matalan, stating, “It has been a fast paced transformational 18 months, and I am proud of everything that the Matalan teams and I have achieved. We have reset the business foundations against a very challenging backdrop, have improved profitability in the first year and developed a strategy to take the business forward. I am confident that Matalan will continue to thrive and I wish my colleagues and leadership team every success for the future.”
Matalan is poised for continued success as it seeks a new leader to build on recent advancements.
