Mothercare CEO Le Vesconte steps down

Mothercare said on Friday that chief executive officer Daniel Le Vesconte has stepped down with immediate effect, and that its performance remains on track.

The retailer said that chairman Clive Whiley and chief financial officer Andrew Cook will revert to leading the operating board, as was the case for the previous three years, until the process to find a replacement CEO is completed.

Whiley said: "The board believes that a change in CEO is in the best interests of the company and its shareholders. The board is fully committed to the group's successful long-term strategy and, further to last month’s pre-close trading update, the company continues to perform in line with expectations.

"In addition we are progressing a number of options to refinance the group’s debt facilities. Working together with Mothercare’s senior management team I am confident that the group's successful, consistent strategy and culture will continue the group’s profitable growth."