Card Factory chief Karen Hubbard steps down after four years
Card Factory has announced its chief executive Karen Hubbard will step down at the end of the month after four years at the helm.
The retailer said non-executive chairman Paul Moody would take on an executive chair role until it names a new boss.
Card Factory said that as it looks forward to the execution of a “refreshed strategy” Hubbard and the board agreed it was an “appropriate” time to transition to new leadership.
“During her four years as chief executive, Karen has made a significant contribution to the group driving the evolution of the business from a recently listed company to an established plc that is the clear market leader in greetings cards,” Card Factory said in a statement.
Earlier this month the company warned of a hit to its business due to coronavirus restrictions, although online sales had seen a surge during lockdown.
As a result the firm scrapped its dividend payout as it battled lower footfall and increasing competition online.
Hubbard said: “I am incredibly proud to have led Card Factory over the past four years and to work with the exceptionally talented people that make Card Factory the great company that it is.”
“Together we have undertaken a significant transformation across the organisation to support its future success. The refreshed strategy will provide a strong foundation for the future.”
Moody said: “The Group has a strong customer proposition, the correct strategy for the next phase of development and a highly capable leadership team to deliver it.”
In addition to his £144,000 fee as chairman, Moody will receive an additional fee of £30,000 per month until a new chief executive is recruited.