Frank De Moor has been Macintosh Retail Group's CEO for the past eleven years, but now he wants to resign after more than 20 years with the retail group.
From 1 August onwards
After talks with the board of directors, it has been decided that Frank De Moor will resign on 1 August, apparently to continue his career elsewhere. He will remain CEO up until that time to allow the refinancing negotiations to finish and to find a successor to lead the parent company of Kwantum, Steve Madden and Scapino.
Macintosh Retail Group has been in the eye of the storm for a while now, as the internet, the crisis and increased international competition impacted the financial results quite badly. The retail group had already reacted by an increased focus on fashion, while Frank De Moor wanted to turn Macintosh into a cross channel party.
"New stage of Macintosh's development"
De Moor believes it is the right time to get a new CEO, who gives "direction to the new stage of Macintosh's development". "Over the past few years, Macintosh has adjusted to changes in consumer shopping behaviours in challenging markets. Taking a customer-centric approach, my colleagues and I have managed to transform Macintosh into a cross-channel retailer in Fashion and Living. Macintosh is now well-positioned to benefit from the better times that are ahead for consumers."
He will not get a severance package, but the supervisory board will give him part of his variable wage package for 2014 and Frank De Moor still has 275,000 Macintosh share options.