Matalan announces new CEO as sales process begins

Matalan has announced the appointment of Nigel Oddy as interim CEO of Matalan Retail Ltd as the company begins a strategic sales process, joining the business initially on an interim basis, with effect from 3 October 2022.

Oddy has significant retail experience in senior leadership roles, most recently at New Look as CEO and formerly COO.

Concurrently, and in line with appropriate governance protocols, the business announced that while the strategic sales process is underway, John Hargreaves will step down as chairman.

Independent non-executive directors, Tim Isaacs and Christopher Mallon, will be joined by Paul Copley, an experienced non-executive director, who is being appointed to the board as an independent non-executive director. Following Hargreaves stepping down as chairman, Tim Isaacs, senior non-executive director, will become interim chairman.

Matalan also announced its revenue for its second quarter, the 13 weeks to August 27, totalled £286.4m, up from £264.7m in the same period last year.

Oddy said: “I am delighted to be joining Matalan and very much look forward to working with the wider team, which includes many long-established suppliers and franchise partners, as we progress with the execution of the growth strategy of this unique and iconic retail business.”

Hargreaves added: “Matalan is a business that has been in my DNA since the day I founded it in 1985. I am stepping down as Chairman so that I can participate in the strategic sales process as a bidder.

“My focus and absolute commitment will remain to do what I believe is in the best interests of the Company and all its stakeholders, in particular the 11,000 people we employ. My intention is to be instrumental in positioning the business for long-term success. I am delighted to welcome Nigel Oddy as the business’ new CEO and am confident Matalan is in good hands.”