As WH Smith stalwart Kate Swann revealed she is to step down from the chief executive post next year, some analysts have questioned whether the wheels are about to come off the books and stationery retailer.

“While at some point inevitable, we had not expected the news today. Steve Clarke, managing director of high street, is to step up to the role. He is well known to the City and has played no small part in the success of the business.  In that respect, we think that WH Smith will be left in as good hands as is possible, but our experience suggests that great chief executives tend to have uncanny timing in terms of knowing when to leave. We suspect that the market may take that view, at least short term.”

Sanjay Vidyarthi, Espirito Santo

“It’s a bit like Arsene Wenger leaving Arsenal, but Kate Swann had to leave WH Smith one day and though today’s news is a shock, her successor Steve Clarke will no doubt carry on the good work. Her key legacy will be a dramatic increase in the gross margin of the business, thanks to a clever re-engineering of the sales mix.”

Nick Bubb, independent analyst

“Kate Swann has built herself a formidable reputation over the past nine years, squeezing every inch of profitability out of a struggling business in the middle of a massive downturn. However, it would be inaccurate to paint a picture of WH Smith as a stable business with a bright future.

The worry is that Swann’s departure signals that the retailer’s strategy of cutting costs is beginning to run out of steam, making it a good time for her to exit on a high. If this is the case, then it means that the business will have to instead rely on sales growth to boost profits; something which seems a fairly daunting prospect for new chief executive Steve Clarke.

As Swann likely moves on to bigger and better things, there remains a real risk that the business she leaves behind could be heading in the opposite direction.”

Matt Piner, Conlumino

“Kate Swann, who has done a fantastic job orchestrating the turnaround of WH Smith, is leaving after 9 years. This is a blow though she is handing over to a safe pair of hands in Steve Clark, who is currently managing director of the high street business.”

Kate Calvert, Seymour Pierce

“We are positive on Mr Clarke, but suspect the shares are likely to suffer today on news of Ms Swann’s departure.”

Bethany Hocking, Investec

“Today’s announcement will be dominated by the news that WH Smith’s chief executive is to step down next July. However, all the levers for growth remain in place. We expect the shares to react negatively today to the departure of Kate Swann.”

Philip Dorgan, Panmure Gordon