New Look CEO Anders Kristiansen steps down

Anders Kristiansen has stepped down as chief executive officer of fashion retailer New Look after nearly five years in the role.

Danny Barrasso, managing director for the UK & Republic of Ireland, has been appointed as interim CEO with immediate effect and the company, which is owned by South Africa's Brait, has launched a search process to find a permanent successor.

Chairman John Gnodde said: "On behalf of the board, I would like to thank Anders for the fantastic contribution he has made during his time here at New Look. Under his leadership, the company has made significant progress and we wish him well for the future.

"As New Look embarks on its next phase of development, we have mutually agreed that it is the appropriate time for a change to the leadership of the company. Danny and the wider executive team have the full support of all the shareholders to provide continued operational progress and leadership as we search for a permanent CEO."

In August, the retailer reported a 4.4% decline in revenue to £338.7m for the 13 weeks to 24 June, with underlying operating profit down 60% to £12.1m.

Kristiansen said at the time: "As expected, the UK market has remained difficult, which has resulted in a disappointing quarter of trading. We have managed the business accordingly by controlling costs, tactical investment in our strategic initiatives and enhancing our product proposition."