// New Look boss Nigel Oddy has stepped down from the retailer after three years
// The fashion retailer is understood to have identified its preferred successor
New Look chief executive Nigel Oddy has stepped down from the business after three years at the helm.
Oddy joined New Look as chief operating officer in April 2019, before being promoted to CEO later the same year.
The fashion retailer is also understood to have identified its preferred successor, Sunday Times reported.
Oddy was previously chief executive at House of Fraser and discount chain The Range.
During his time at New Look, he slashed its rents rents through a CVA and agreed a debt-for-equity swap with its lenders and has helped to rebuild the firm following the pandemic.
New Look chairman Mike Coupe said: “I would like to thank Nigel for his hard work and leadership over the past three years. He has been instrumental in ensuring that New Look is on the firm footing it is today and he leaves the business with strengthened operational foundations in place. On behalf of the board, I would like to wish him every future success.”
Oddy added: “With the business having successfully come through Covid and with a solid platform now in place for future growth, this is the right moment for me to step down as chief executive. I am hugely proud of how this business and its people [who] have pulled together over the past three years, and I have no doubt that all our New Look colleagues will achieve great success in the years ahead.”
Separately, New Look is close to appointing advisers to handle the refinancing of a £101 million term loan expiring in June 2024.