CEO Carpetright resigns after profit alert

CEO Carpetright resigns after profit alert

Carpetright’s CEO Darren Shapland is stepping down after the group had to issue a profit alert. He will be replaced by Philip Harris, Carpetright’s founder and current chairman. Shapland has only been in charge for 18 months.

The Netherlands loss-making market for Carpetright

Like-for-like carpet sales dropped 2.5 percent in the British market, but it is not the only market with sluggish sales. The Netherlands, Belgium and Ireland have had serious setbacks in sales, with a 7.6 % drop in like-for-like sales. The biggest blow can be found in the Netherlands, as its half-year operations have been losing money, resulting in a lower company profit than last year.

 

Analysts have been largely disappointed, as they counted on Carpetright realizing a modest growth after three slow years. The share dipped 15 % on the London stock exchange, last Friday. 

 

The bad results immediately prompted a change at the top: CEO Darren Shapland resigns immediately and chairman Philip Harris will take his place. The self-made millionaire, in British parliament for the Conservative Party, founded Carpetright in 1988 and he will now combine the positions of full-time CEO and chairman.

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