Mothercare finance boss to step down after tough year for the baby retailer

 
Helen Cahill
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Mothercare: Baby K - Photocall
Mothercare is trying to revive its fortunes after a slump in its share price (Source: Getty)

Mothercare's chief financial officer, Richard Smothers, has resigned.

He will stay in post until a successor can be found, which is thought to be towards the end of the year. Mothercare said it had started its search for a new finance chief.

Read more: Mothercare gets a helping hand from online sales growth as group sales drop

Mark Newton-Jones, chief executive of Mothercare, said: "Richard has played a significant role in the first phase of the turnaround of the Mothercare brand, helping us to build a strong platform for future growth.

"On a personal note I'd like to thank him for his support and wish him well for the future."

The news comes after it emerged that the baby retailer was reviewing its remuneration policies after a turbulent year for the firm. Its share price has dropped by a third over the past year; in the six months to October, Mothercare's profits fell by as much as 16 per cent.

Mothercare is expected to lower its bonus targets so directors can earn rewards more easily. The new remuneration policy will be put to investors at the retailer's annual general meeting in July.

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