Stepping aside: Clarks chief exec Victor Herrero
Clarks’ boss has stepped aside after helping it bounce back from the pandemic quicker than expected.
The historic British shoemaker made Victor Herrero chief executive in February to help it bounce back from huge losses as lockdowns shut its stores.
The 196-year-old firm was hammered by the coronavirus crisis and was bought in November last year on the cheap by Hong Kong-based private equity company Lion Rock Capital. In the year to January it lost £82.5million, more than five times as much as its £15.7million loss a year earlier.
But it said last month the easing of restrictions and cost-cutting measures had cut its debt and boosted its cash levels.
Clarks said it is ‘on track to meet or exceed its forecast revenue goals’ after Herrero did an ‘incredible job’.
Chairman Johnny Chen will now also assume the role of chief executive. A spokesman said Herrero will stay on the board of the shoemaker and take on ‘broader responsibilities’ with the company’s new owners.
