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British Retailer Mothercare's CEO Steps Down

FILE PHOTO: People walk past a Mothercare store in Altricham, Britain, May 16, 2018. REUTERS/Andrew Yates/File Photo
FILE PHOTO: People walk past a Mothercare store in Altricham, Britain, May 16, 2018. REUTERS/Andrew Yates/File Photo
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British Retailer Mothercare's CEO Steps Down

FILE PHOTO: People walk past a Mothercare store in Altricham, Britain, May 16, 2018. REUTERS/Andrew Yates/File Photo
FILE PHOTO: People walk past a Mothercare store in Altricham, Britain, May 16, 2018. REUTERS/Andrew Yates/File Photo

Baby products retailer Mothercare Plc said on Friday Chief Executive Officer Daniel Le Vesconte has stepped down, effective immediately, after just five months at the helm.

The departure comes a month after the London-listed company said it had begun discussions with its lender to change, renegotiate, or refinance its debt facility due to higher interest rates, warning that it may need waivers to future covenant tests.

Chairman Clive Whiley and Chief Financial Officer Andrew Cook will lead the operating board until the process to find a CEO replacement is completed, the company said in a statement.

"The board believes that a change in CEO is in the best interests of the company and its shareholders," Mothercare said.

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Mango Fashion Tycoon Andic Dies in Mountain Accident

Pedestrians walk by the entrance of a Mango shop on Passeig de Gracia street in Barcelona on February 28, 2024. (AFP)
Pedestrians walk by the entrance of a Mango shop on Passeig de Gracia street in Barcelona on February 28, 2024. (AFP)
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Mango Fashion Tycoon Andic Dies in Mountain Accident

Pedestrians walk by the entrance of a Mango shop on Passeig de Gracia street in Barcelona on February 28, 2024. (AFP)
Pedestrians walk by the entrance of a Mango shop on Passeig de Gracia street in Barcelona on February 28, 2024. (AFP)

Istanbul-born founder and owner of fashion empire Mango Isak Andic died on Saturday in a mountain accident, the company said. He was 71.

The businessman slipped and fell from a 150-meter cliff while hiking with relatives in the Montserrat caves near Barcelona, Spanish newspaper La Vanguardia said.

"His departure leaves a huge void but all of us are, in some way, his legacy and the testimony of his achievements. It is up to us ... to ensure that Mango continues to be the project that Isak was ambitious and proud of," Mango's CEO Toni Ruiz said in a statement.

Andic moved with his family to the northeastern Spanish region of Catalonia from Türkiye in the 1960s and founded Mango in 1984. He was worth $4.5 billion, according to Forbes. He was non-executive chairman of the company when he died.

He was seen as a rival to Amancio Ortega, the owner of Inditex, the world's largest fast-fashion retailer.

Mango had a turnover of 3.1 billion euros in 2023 with 33% of its business online and a presence in more than 120 markets.