 |
At WH Smith, Stephen Clarke, who has been group chief executive for six years, is stepping down, effective October 31, and will be replaced by Carl Cowling, who is currently High Street managing director, the Bookseller reported.
WH Smith has some 1,400 shops that are primarily at airports, train stations, downtowns, highway stops and hospitals, and sells books, stationery, magazines, newspapers, entertainment and travel products, and some food. Most of its stores are in the U.K., although it has operations in some 28 other countries, mostly in airports. At various times, WH Smith owned Waterstone's and Hodder Headline. Last year it bought InMotion, the digital accessories retailer that operates in U.S. airports, and it came close to buying Barnes & Noble.
WH Smith chairman Henry Staunton praised Clarke's "outstanding contribution to WH Smith. The board is particularly grateful to him for his dedication and leadership, which has seen WH Smith go from strength to strength and deliver exceptional shareholder value over the last six years. He has built an excellent management team and has put in place a proven strategy which will continue to deliver for all our stakeholders."
He added that Carl Cowling "has been instrumental in the development and execution of our successful strategy that has led to the company's outstanding performance. Carl has the qualities and experience to lead the Company and continue to deliver superior shareholder returns over the years to come. Carl will work alongside Robert Moorhead, CFO/COO since 2008, who has supported Stephen over the last six years and Robert will continue to bring his significant experience and retail expertise to the board."
Cowling said he looks forward "to leading W H Smith to its next stage of growth, supported by the excellent teams across our Travel, International and High Street businesses."