Nursery and maternity retailer Mothercare has taken the step of reducing the size of its board of directors in the latest bid to help overturn its financial losses and regain stability.
Chief executive Mark Newton-Jones spoke at a Times ceo summit panel, where he revealed that the company has added more restructuring experts and the board now has directors who are more hands-on with the company’s restructuring.
The boardroom reshuffle is expected to halve Mothercare’s board costs next year.
“We had a board that was of a scale appropriate for a much larger company,” Mark revealed at last week’s conference. “We now have a board that is very operational and is contributing beyond governance.”
Mothercare recently posted its financial results for the year ended 30 March where it reported positively on its progress, despite UK sales falling by almost 9% over the past year, and a pre-tax loss of £87.3m (compared with £72.8m the previous year).
