New Look appoints Nigel Oddy as new CEO
The British company has announced that Nigel Oddy will take the position of chief executive officer from January 1, 2020. Oddy replaces Alistair McGeorge, who will become chairman of the board.
New Look rearranges its team. The British fashion company has appointed Nigel Oddy as the new chief executive officer. The executive, who joined the group last April as chief operation officer, will start his new position on January 1, 2020. Oddy relieves Alistair McGeorge, who becomes chairman of the board, as reported by the group in a statement.
“With the financial restructuring and customer strategy review complete, and as we focus on our retailing excellence, now is the right time for Nigel to become New Look’s CEO and for me to assume a non-executive role in my capacity as chairman,” stated Alistair McGeorge in a press release.
McGeorge took the reins of the company as executive chairman in 2017, following the departure of the former chief executive officer. The executive thus returned to the company where he had already held the same position between 2011 and 2013.
New Look completed the refinancing of its debt in May and reduced its liability to 350 million pounds
After four months of negotiations, the company completed the refinancing of its debt. The group agreed with its creditors to reduce its liability of 1.3 billion pounds (1.6 billion dollars) to 350 million pounds (456.6 million dollars).
For his part, Nigel Oddy, who joined the company on April 1 of this year, said he was “delighted to be appointed chief executive officer at such a crucial time for the development of New Look” and has cataloged as “successful” its financial restructuring.
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