Laura Ashley to have two chief execs

Clothing and home furnishings retailer Laura Ashley today called on two chief executives to revive its fortunes after annual losses hit £14m (€19.73m).

The dual roles have been created after current boss Kwan Cheong Ng told the board that he wanted to step down after four years in the top job.

Ainum Mohd-Saaid, the former attorney general in Malaysia, and Rebecca Navarednam, previously chief financial officer at British steel giant Corus, will take over next month.

The changes follow a traumatic year in which problems with the company’s continental Europe business have offset progress in its British home furnishings.

Plans are already underway to dispose of many of the company’s European stores - a move due to be funded by a heavily discounted rights issue.

The difficulties were highlighted by latest trading figures showing like-for-like sales down 1% in the UK and by 27% on the continent in the 14 weeks to May 3.

Laura Ashley said it would not be paying a dividend this year.

The company, which posted losses before exceptional items of £4.9m (€6.9m) in the year to January 25, said its new management team brought “considerable experience”.

Chairman Dr Khoo said: “We have chosen to split the CEO’s role because of the unique skills that the new joint holders of this position bring to the company.”

Ms Mohd-Said is a senior lawyer who has been chief operating officer of a Malaysian fashion group, while Ms Navarednam has also been chief financial officer of Regal Hotels.