A takeover deal by a consortium led by Icelandic investment group Baugur has been finalised and the department store chain changed hands officially today in a£351 million deal.
Before joining Matalan in 2003, King was chief executive of denim brand Lee Cooper and also managed lingerie companies in the UK and US - with at least 20 years' experience in retail and manufacturing.
King is scheduled to leave Matalan at the end of December and takes up his position at House of Fraser in February next year.
Don McCarthy, former boss of Principles and Warehouse owner Rubicon, has been confirmed as the department store's executive chairman, and his right hand man at Rubicon, Stefan Cassar, has been named chief financial officer.
King's appointment signals the departure of John Coleman, who has been chief executive at the House of Fraser for the past 10 years. Coleman revealed to Retail Week in September that he was desperate to keep his job at the store. He said 'I am very intent on staying and working for the business to accomplish more.'
The former chief executive's deputy, David Adams, and finance director Steve Hibbert have also both resigned from the board.
Coleman is set to receive at least£515,572 in compensation on top of a£1.7 million payout from the vesting of long term investment plan shares. He is also expected to reap£4.7 million in cash from shares he already owned.
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