Stepping down: Tarak Ramzan, who founded Quiz in 1993
Quiz’s has stepped down founder telecoms firm as the fashion firm pushes ahead with a turnaround plan.
Chief executive Tarak Ramzan will be replaced by his son Sheraz, the chief commercial officer, as part of a strategic review being led by retail veteran and former JD Sports boss Peter Cowgill.
Cowgill, the firm’s non-executive chairman, will now take on a ‘more active role’, the company confirmed.
The turnaround plan will involve ‘reconnecting with consumers’ and revamping the Quiz brand as the business looks to return to profitable growth It said it will cut costs and axe any loss-making areas.
Shares lost 10.5 per cent, or 0.62p, to close at 5.35p
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