Laura Ashley chief executive steps down after eight years

Retailer Laura Ashley said today its chief executive Kwan Cheong Ng is stepping down after eight years in the role.

Chief operating officer Katharine Poulter will take the helm at the company from 1 May.

Poulter joined Laura Ashley this month as chief operating officer. She was previously managing director at budget household chain Wilko and prior to that worked at Hobbycraft, B&Q and Habitat.

Read more: Laura Ashley shares plunge as finance chief steps down after two decades

Laura Ashley has faded since its 1980s heyday and is currently trying to turn its business around.

Sales have been hit by store closures, poor consumer sentiment and weakness in its home furnishings division.

In the year to 30 June loss before tax and exceptional items hit £9.8m.

Like-for-like sales decreased 3.5 per cent at the company, with total sales down 9.6 per cent to £232.5m.

Read more: Laura Ashley drops into the red amid tough retail conditions

One bright spot was its range of fashion, where like-for-like sales grew 9.2 per cent, suggesting a resurgence of interest in its designs.

Laura Ashley replaced chief financial officer Sean Anglim, who had been with the company since 1988, in October, appointing Sagar Mavani in his stead.

Shares fell 14 per cent today to 2.7p.