MELBOURNE: The new chief executive officer of Country Road has resigned after two months following “irreconcilable differences” with the board.
A statement from the retailer said John Cheston had decided to leave as differences of opinion regarding the future path of the business were fundamental in nature and not capable of resolution.
Cheston took over from former CEO Ian Moir on July 1 after Moir relocated to work for the retailer’s parent company, Woolworths Holdings Limited in South Africa.
Chairman Simon Susman said it was a regrettable situation, but the board “unanimously” agreed it was the best course of action for the growth of the business.
“Our operating strategies remain unchanged. We will continue to focus on our store rollout strategy for our two brands, whilst continuing to review and implement cost saving initiatives,” he said.
The announcement follows the recent resignation of Country Road’s group general manager of retail operations Glenn Gilzean, who will also join Woolworths Holdings Limited in South Africa. This will be effective on September 29, 2010.
Cheston’s most recent role was as CEO of Singapore’s largest listed retailer, Robinsons & Co Limited, in which he oversaw two Robinson’s department stores, seven Little John department stores and six Marks & Spencer franchises. Prior to his appointment at Robinsons & Co, Cheston worked for Marks & Spencer for 18 years, first in the UK and then in Hong Kong.
COUNTRY ROAD: Had pre-Christmas sales.
