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British discount retailer Matalan has announced the departure of its chief executive John King at the end of the year. King will return to the US, leaving the retailer to find his replacement. He is the third chief executive in five years to leave the company.
King joined the firm in 2002 as head of jeans company Lee Cooper. Prior to that he worked for the lingerie and leisure wear manufacturer and wholesaler Delta US. In 2003 he replaced Paul Mason as chief executive of Asda. Mason left after a rift with chairman John Hargreave, with the latter denying that he did not get along with his chief executives. However, this recent departure has the industry questioning Hargreave’s role.
The retailer, which suffered from poor Christmas trading and has predicted full-year results on the low end, said that King had “agreed to continue in his role until the end of December and will continue to manage the business while a new chief executive is sought.” Executive search firm Spencer Stuart has been selected to find his successor.
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