British online retailer N Brown Group Plc needs to find a new Chief Financial Officer (CFO). The current chief financial officer, Rachel Izzard, has informed the board of directors that she intends to resign, the company said on Tuesday.
Izzard intends to “take a career opportunity outside of the online fashion retail and consumer credit industry,” explained the e-commerce specialist. The search for a new CFO has already been initiated, and Izzard will remain with the company within the scope of her twelve-month notice period until her successor is arranged.
The parent company of the online fashion providers JD Williams, Simply Be and Jacamo had recently felt the deterioration in consumer sentiment. At the beginning of October, the group announced that it had to accept a 4.6 percent drop in sales to 331.5 million pounds sterling (383.8 million euros) in the first half of the 2022/23 financial year. Net profit even shrank by around 76 percent to 5.6 million pounds sterling (6.5 million euros). The company now wants to prepare itself for future challenges with an extensive reform program.
Since mid-October, the British group Frasers Group Plc. has also been one of the shareholders of the online retailer, which has now increased its stake to over five percent.