Hallenstein seeks new CEO; shares fall

Tuesday 19th February 2019

Clothing retailer Hallenstein Glasson Holdings is seeking a group chief executive for the second time in two years.

Mark Goddard, who joined the firm in April 2017, resigned yesterday in order to spend more time with his family. He previously ran Toys R Us in Japan, and before that held roles in Spotlight and Kmart in Australia.

The company said it would start seeking a replacement but didn’t give a timetable for Goddard’s departure.

Chair Warren Bell said the board accepted the resignation with “sincere regret” given the passion and commitment Goddard has for retailing and had shown for the business.

"Under Mark’s leadership, the group has made many notable strategic achievements which are reflected in the group’s current position and its performance during his tenure. He leaves an exceptionally talented team in place and the business in an excellent position for its continued growth.”

The company’s shares fell 1.6 percent to $4.30, taking their loss the past year to 6.5 percent.

At the end of August, the company had 112 outlets, including 30 Glasson womenswear stores in Australia and three Hallenstein menswear outlets there.

Last week, the company said first-half sales were up 3.1 percent on the prior year and it may deliver a 6 percent increase in net profit for the six months to Feb. 1. It had earlier expected tough trading conditions on both sides of the Tasman.

Goddard replaced Graeme Popplewell who retired at the end of 2016. Popplewell had been chief executive since 2011 and an executive director of the business since 1985 and remains on the board.

(BusinessDesk)

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