Shoe Zone promotes Charles Smith to chairman

Value footwear retailer Shoe Zone has promoted chief operating officer Charles Smith to the role of chairman.

Smith, who has been COO since the company’s IPO in 2014, was appointed as interim chairman in August last year.

Shoe Zone said that following his appointment, the board composition will be three executive directors and three non-executive directors.

Last week, Shoe Zone posted a rise in full-year revenue but a drop in profit as it pointed to the "burden" of business rates.

In its preliminary results for the 53 weeks to 5 October 2019, the company said revenue rose 0.9% to £162m while statutory underlying pre-tax profit fell to £9.6m from £11.3m, which was a touch better than the retailer's revised expectations.

At 1250 GMT, the shares were down 3.4% at 170p.