Footwear retailer Clarks has confirmed that its CEO, Victor Herrero, will be stepping down to focus on broader responsibilities.
Herrero, previously the CEO of Guess, was appointed back in March as part of a major ownership change at the company, following a majority stake acquisition by the private equity firm, LionRock Capital.
As CEO, Herrero was tasked with creating a plan to steer the retailer out of the pandemic, warning of potential store closures as reported by The Telegraph at the time.
However, it seems as though the retailer is now back on course. The company said in a statement: “The Clarks business is on track to meet or exceed its forecast revenue goals, and our debt and cash positions have been considerably improved in the last few months.
“The loosening of pandemic restrictions in our key markets and the strong management of costs in the past six months have resulted in the delivery of a much-improved financial position in rapid time.”
On the search for new leadership
The company further confirmed that a current chairman, Johnny Chen, will now resume the role of CEO as an interim measure, allowing Herrero to move on to broader responsibilities within the LionRock and Viva China group companies.
Chen has been a member of the Clarks’ board of directors since February this year, shortly after the Hong Kong-based private equity firm, which Cheng is a vice-chairperson for, completed its 100 million pound investment in the retailer. Additionally, he currently carries board appointments with Alibaba Pictures Group, China Travel Service and Uni-President China.
The statement continued: “Victor has done an incredible job in a much shorter than anticipated time and gives us a unique ability to accelerate the next stages of our growth plans. Victor Herrero will remain on the Clarks board. A new CEO will be announced in due course.”