June 26, 2020 / 7:23 AM / 12 days ago

UPDATE 1-Card Factory CEO Hubbard exits after 4 years in role

(Adds quote from statement, details)

June 26 (Reuters) - Card Factory said on Friday top boss Karen Hubbard would be stepping down at the end of June after being at the helm for four years, at a time when it expects high-street transactions to be hurt due to social distancing measures.

The British card retailer also said non-executive Chairman Paul Moody would take on an executive chair role until it names a new CEO.

“Karen and the board have agreed that this is an appropriate time to transition to new leadership committed to the longer-term successful implementation of the next phase of the group’s return to growth,” the British greeting card retailer said.

Shares of the company, which gained as much as 2.8% in early trade, changed course to shed 1.8% to 48.90 pence by 0719 GMT

The company, which has more than 1,000 stores in the UK and Ireland, earlier this month warned of a hit to its business from social distancing measures, although online sales had seen a surge during Britain’s coronavirus lockdown.

The Wakefield-based firm also scrapped its dividend payout this year as it grappled with lower footfall, online competition and higher costs of maintaining brick-and-mortar stores. (Reporting by Shanima A in Bengaluru; Editing by Anil D’Silva and Uttaresh.V)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below