A major boardroom shake up at high street department store chain Fenwick has seen both the chairman and chief executive step down.
The firm, based in Newcastle with eight other stores around the 海角视频, has revealed CEO Robbie Feather and non-executive chairman Richard Pennycock are leaving the company, after just over two years and three years with the business respectively.
Fenwick said it had made the changes known to staff today, saying they have been made to “bring the family closer to the running of the business and slim down the Board, which in the current climate is the right decision now and for the longer term”.
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Mr Feather had joined in January 2018, fresh from his role as commercial director of Argos, while Mr Pennycook became the first person outside the Fenwick family to join the firm back in May 2017, coming from Co-op where he was hailed for transforming the grocer.
Mr Feather will be succeeded by John Edgar, who has more than 25 years’ experience in fashion retail and has previously been chief financial officer at both Selfridges and Harrods.
Andy Doyle, non-executive chair of remuneration committee will also step down from the board.
The board changes take effect from today, April 2, but there will be a handover period of a month to ensure a smooth transition.
Steve Barber, a current non-executive director and chair of the audit committee, will become interim chairman. Fenwick said he is an experienced non-executive director and chartered accountant (ICAEW).
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A Fenwick family spokesperson said: “We would like to thank Richard for his guidance during his time as chairman, and to thank Robbie for all his leadership and dedication in driving the most ambitious transformation in Fenwick’s history.
“We much appreciate Andy’s contribution to the board also.
“This is an unprecedented time for the retail sector, and we are pleased to welcome John Edgar as Fenwick’s new chief executive. We look forward to working closely with John and the whole team to help guide Fenwick through this incredibly challenging time.”
Mr Edgar’s lengthy CV includes retail experience in luxury, department stores, together with supply chain, operations change management and transformation.
He Fenwick from Boston Consulting Group, where he was a senior advisor and prior to this he was CFO at Harrods, a board director of Vente-Privee, CFO of the Selfridges Group, Woolworths Retail, House of Fraser and Arcadia.
Fenwick has been working hard to combat a raft of challenges within the retail trade, which has seen it launch own brand ranges within its popular Food Hall, create new drinking and dining areas and an online shopping venture for the first time.
Following the Prime Minister’s introduction of lockdown measures all stores have been closed and it has temporarily suspended its online operation.
Fenwick has stores in London’s Bond Street and Brent Cross, Bracknell, Canterbury, Colchester, Kingston, Tunbridge Wells and York.