New Look’s managing director of group operations Dan Monaghan will leave the business later this year as executive chair Alistair McGeorge streamlines the company’s management structure.
Monaghan joined New Look 14 years ago as a logistics controller. In 2008 he was promoted to head of supply chain operations and in 2013 he was appointed group logistics director. He has been in his current role since December 2015.
He made the decision to leave New Look as McGeorge streamlines reporting lines in order to put in place a more traditional management structure, Drapers understands.
House of Fraser chief executive Nigel Oddy joined New Look as chief operating officer earlier this month, as revealed by Drapers.
Group business development director Steve Challes will retire this year. He joined New Look in 2003 as head of commercial finance and has been in his current role since 2015.
The news comes after Drapers also revealed yesterday that New Look will axe menswear from its UK and Irish stores for autumn 19.
New Look is currently in the midst of a transition period after agreeing a debt-for-equity swap with a group of its key financial stakeholders earlier this year. The agreement aims to reduce long-term debt by 80% from £1.35bn to £350m.
The retailer has also been reviewing its non-core international markets. In October, New Look announced it was closing its 120 stores in China, and McGeorge told Drapers it was seeking to do the same across Europe.
Last month, New Look Poland filed for bankruptcy, and confirmed it is seeking a buyer for the 30 stores in its French arm, which faces continued difficult trading. New Look Belgium filed for insolvency in January.
In the retailer’s most recent trading update, it returned to a group operating profit of £38.5m for the 39 weeks to 22 December 2018, from an operating loss of £5.1m in same period in 2017.