Matalan CEO Jo Whitfield has resigned after a transformative 18-month tenure, aiming to pursue a portfolio career.
- Whitfield successfully led the company’s transformation programme, assembling a robust leadership team.
- Interim leadership will be managed by Matalan chair Karl-Heinz Holland until a new CEO is appointed.
- The company achieved a significant reduction in losses and improved operational performance during Whitfield’s leadership.
- Despite revenue challenges, Matalan remains financially and operationally stable according to the board.
Jo Whitfield, having held the position of CEO at Matalan for 18 months, has resigned to focus on a portfolio career. During her tenure, Whitfield was instrumental in leading a transformation programme for the company.
Whitfield’s leadership saw the establishment of a new leadership team, bringing in Ali Jones as the chief customer and omnichannel officer, Ben Smith as chief trading officer, and Phil Hackney as chief supply chain operation officer. This move was part of a broader strategy to stabilise and enhance the company’s operations.
In the interim, Matalan’s chair, Karl-Heinz Holland, will oversee the company as executive chair until a permanent CEO is selected. The search for a successor is currently underway, with the company prioritising continuity in its strategic direction.
Under Whitfield’s guidance, Matalan recorded a 44% reduction in its pre-tax losses, amounting to £60 million. Furthermore, the business saw an impressive 92% year-on-year improvement in EBITDA, reaching £53 million. These improvements were attributed to increased gross margins, stringent cost control, and enhanced operational efficiency.
Despite a reduction in revenue by 6% on a like-for-like basis, which resulted in total revenues surpassing £1 billion, the company attributes this dip to strategic decisions and prevailing market conditions. Nevertheless, Matalan’s board remains confident in the retailer’s strong fundamentals and its potential to continue executing its strategic plan effectively.
Jo Whitfield’s departure marks the end of a transformative period for Matalan, leaving the company on a stable financial and operational footing.
