All Saints chief executive Stephen Craig has quit the retailer, Retail Week can confirm.
The move comes just five months after the fashion chain was saved from administration.
Craig has been with All Saints since March 2006 and led the business from a turnover of £14m to its current approaching £300m.
In 2010 it ran into a liquidity crisis and Craig led a recapitalisation of the business which saw new owners Lion Capital and Goode Partners inject £105m into the company.
Craig said: “I have led a great business through a critical phase in its development and I’m proud of what we’ve achieved. The current leadership structure is untenable given the lack of clarity of roles between the chairman, Kevin Stanford, and me and, as such, I now believe it is the right time for me to explore other more entrepreneurial opportunities. I have remained with the business through a suitable period post the investment by Lion and Goode and will continue to make myself available for any further transitional requirements. I wish the business and its people well and will follow its continued growth and success very closely.”
Current chief financial officer Peter Wood will become interim chief executive until a replacement is found.
Lion Capital’s Lyndon Lea said: “On behalf of the owners of All Saints I’d like to thank Stephen for his invaluable contribution.
“We will work with Peter to continue the tremendous growth within the business on the back of our latest collection which I believe to be the best collection in the history of All Saints. We also intend to resolve the question of leadership in the business through the appointment of a new chief executive from outside the company.”
3 Readers' comments