New Look hires new chair as it prepares for an IPO
HIGH STREET fashion chain New Look yesterday gave the strongest signal yet that it was preparing for a stock market flotation, by hiring City veteran John Gildersleeve as chairman.
It is said that Gildersleeve will pocket a substantial “golden hello” to steer the company through its widely-expected IPO. Gildersleeve has previously chaired music group EMI and tobacco firm Gallaher.
Current chairman Phil Wrigley, 56, will step down at the end of this year after a nine-year stint at the company. Wrigley was chief executive from 2004-2008.
Gildersleeve’s hiring comes a day after the private equity-owned retailer handpicked banks JP Morgan Cazenove, Deutsche Bank and Credit Suisse to advise on its options.
It was expected that Wrigley would step down to make way for a successor with City experience should the retailer plough ahead with its expected £1.7bn stock market listing next year.
New Look chief executive Carl McPhail said: “This announcement marks part of a planned transition in the next phase of New Look’s development.”