Tuesday 30th July 2013
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Pumpkin Patch, the children's clothing retailer whose shares have dropped 31 percent this year, said chief executive Neil Cowie has resigned to take up a job with another retailer in New Zealand.
The shares fell 3.2 percent to 90 cents before the announcement was made, and closed at that price. On June 28 the company warned that full-year profit may drop as much as 35 percent in the face of intense competition in Australia.
Cowie has been with Pumpkin Patch for six years including two as CEO, when he "guided the business through a significant period of change," chairwoman Jane Freeman said in a statement.
Pumpkin Patch "has long term succession plans in place and has well qualified internal candidates to fill the CEO role," she said. A selection process has begun and will run over coming months, she said.
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