Debenhams Chief Financial Officer Herrick Quits Amid Profit DropPaul Jarvis
Debenhams Plc said Simon Herrick quit his post as chief financial officer, two days after forecasting a profit slide because of weak Christmas business.
Herrick “has decided to resign from his role” with immediate effect, the U.K. retailer said today in a statement. He will leave on Feb. 7, just over two years after joining.
A report in the Times newspaper last week said Herrick may be fired following criticism from some institutional investors. The CFO was widely reported to have written to the retailer’s suppliers last month to request a discount on all orders. Days later, Debenhams said profit will drop in the first half of the financial year after an anticipated surge of Christmas business failed to materialize, leaving a backlog of inventory to clear.
A search to find Herrick’s replacement is under way, Debenhams said. In the interim, Neil Kennedy, director of finance, will assume the role of acting chief financial officer.