Today’s news in brief-15/3/24

After 14 years of service, Iain McDonald, a non-executive director at THG, has announced his intention to step down from his position. McDonald has been instrumental in guiding THG’s growth and evolution into a global leader across Beauty, Nutrition, and Technology sectors. The board, upon his departure, will consist of three executive directors and six non-executive directors, with the majority being independent. McDonald’s departure marks a transition towards a more conventional PLC structure for the company.

Kevin Plank, the founder of Under Armour, will resume his role as president and CEO, succeeding Stephanie Linnartz. Plank’s return to the CEO position comes after serving as the executive chair of the board. Linnartz, during her tenure, made significant contributions to Under Armour, strengthening the leadership team and focusing on consumer strategy. Dr. Mohamed A. El-Erian will become the non-executive chair of the board. Plank aims to navigate post-pandemic challenges and drive enduring success for the company.

Kristina Moln-Page has been promoted to the role of finance director at Ann Summers, succeeding John Boyle, who will retire as CFO after 11 years with the company. Moln-Page’s responsibilities include overseeing finance and business risk functions, reporting to CEO Maria Hollins. Boyle will continue as a non-executive director, providing advisory support. Vanessa Gold, chair of Ann Summers, expressed gratitude for Boyle’s contributions and welcomed Moln-Page to the board.

Amanda Scott, CEO of Next Beauty, has resigned from her position. Scott led Next Beauty’s venture into premium beauty over five years. Prior to her role at Next Beauty, Scott held various positions in retail, including at Marie Claire and John Lewis. She has taken advisory roles with other beauty brands following her resignation.

Bensons For Beds has reported a return to profitability, with turnover growing by 7.5% to £257.5m for the 53 weeks to September 2023. The bed retailer attributed its performance to a recovery plan focusing on sales conversion and Average Transaction Value. Investments in omnichannel and digital capabilities yielded digital like-for-like growth of 22%. The company opened new stores and made key hires to support its growth strategy.

Max Izzard has been appointed as the new CFO of WH Smith, succeeding Robert Moorhead, who will retire after over 20 years with the company. Izzard brings extensive experience in multi-site international consumer businesses, previously serving at Burberry. Moorhead’s tenure saw significant contributions to WH Smith’s transformation into a global travel retailer. Annette Court, chair of WH Smith, expressed appreciation for Moorhead’s achievements and welcomed Izzard to the company.