The CEO of family-owned footwear retailer Clarks has resigned after his “conduct, conversations and expressions fell short” of company expectations.
Clarks said that it has accepted Mike Shearwood’s resignation “following an investigation into complaints that breached the company’s code of ethics on a number of occasions”.
Shearwood joined Clarks as chief executive back in 2016 from women’s fashion retailer Karen Millen. At the time of his appointment the position had been vacant for over a year after his predecessor Melissa Porter left with immediate effect following a marked drop in profits.
Clarks, which was founded in 1825 by brothers Cyrus and James Clark, said it had appointed Stella David, formerly the company’s senior independent director as interim chief executive officer effective immediately.
In a statement confirming Shearwoods resignation Clarks did not confirm exactly what part of its code of ethics he was found to be in breach of. The statement said: “Clarks confirms its CEO has resigned following an investigation into complaints of conduct contrary to the family owned company’s Code of Business Ethics.
“Clarks recently learned that aspects of Mr Shearwood’s conduct, conversations and expressions fell short of the behaviours expected of all its employees on a number of occasions. In these circumstances the board has accepted Mr Shearwood’s resignation.”