The CEO has already resigned: Clarks’ new direction is struggling to get off the ground

The CEO has already resigned: Clarks' new direction is struggling to get off the ground

There is no peace at Clarks. CEO Victor Herrero has already resigned, just nine months after his appointment. He is expected to remain with the company as a director and with a seat on the board. Clarks chairman Johnny Chen is taking over as CEO, pending the identification of a successor. Herrero had taken over from Giorgio Presca, when Lion Rock Capital became the majority shareholder of the British brand.

Herrero has already resigned

The new ownership had tasked Herrero with launching a plan to lead the brand out of the pandemic. CEO had considered closing underperforming shops. The situation seems to have improved in recent months. Retail Gazette reports statements from a Clarks spokesperson. “We are on track to meet or exceed our revenue targets,” he said. “Debt and liquidity positions have improved significantly in recent months. The easing of restrictions in our key markets and cost management over the past six months have led to a significant improvement in the financial position”.

Now what?

Clarks has confirmed that Victor Herrero will take on wider responsibilities within the Lion Rock – Viva China group of companies. Does this have anything to do with the recent acquisition of Italian brand A. Testoni? Who knows?

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