The review has led to a decision to split Otto UK’s logistics and retail operations. The logistics business, Parcelnet, will be run from Germany, while the retail company that counts mail order businesses Freemans, Grattan and Kaleidoscope among its activities will continue to operate from its London base.
Hancox, who has been at the helm of the mail order giant for two and a half years, said that, although he had been offered a role leading the retail company, “it was not the job I came to do when I joined two years ago and so I’ve decided to go”.
A replacement has not been found yet, but it is likely that the new boss will come from within the Otto group. Hancox said he will leave by August.
A further review, to determine what will be done with the UK mail order business, will be conducted over the next three months by German consultancy EMC2.
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