Iceland chief returns to troubled Arcadia
Stuart Rose, the former Booker chief executive who brokered the UK cash and carry operator’s merger with frozen food retailer Iceland, has been named as the new chief executive of Arcadia, the loss-making UK fashion retailer.
LONDON (Brand Republic) – Stuart Rose, the former Booker chief executive who brokered the UK cash and carry operator’s merger with frozen food retailer Iceland, has been named as the new chief executive of Arcadia, the loss-making UK fashion retailer.
Rose, who became chief executive of Iceland after the deal, worked for Arcadia three years ago when it was demerged from Debenhams. He replaces his former boss John Hoerner.
Arcadia’s chairman Adam Broadbent has also recruited Charles Wilson, managing director of Booker, to bolster Rose’s brief to revive the group’s fortunes. He replaces executive director Richard Maney.
Hoerner’s departure from the group, which owns the women’s clothing chains Evans, Miss Selfridge, Dorothy Perkins and Top Shop among others, is said to be amicable. It is thought he was looking to retire and is due to pick up a £1m payoff.
Arcadia has an advertising budget of £7.4m, most spent on tactical activity through Grey and McCann-Erickson with media through Carat and Starcom.
Rose said, “This takes me back to my roots. Arcadia is capitalised at £80m, but it has £2bn sales. I want to put my foot on the accelerator.”
Last month, Arcadia reported a loss of £152.5m in the year to August and said it would need to axe a further 55 stores.
The deal is said to have angered Iceland’s co-founder and chairman Malcolm Walker. Walker was due to become non-executive chairman next year, leaving Rose at the helm.
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