Moss Bros (LON:MOSB) announced on Tuesday that it will appoint Ted Baker’s current interim Chief Financial Officer as its new CFO.
Shares in the suit retailer were up during Tuesday morning trading.
Moss Bros said that the current interim CFO at Ted Baker (LON:TED), Bill Adams, will take over the role from Tony Bennett.
Tony Bennett has decided to step down from the company’s board for “personal reasons” and is due to leave the business early next year in February 2020.
Prior to his role at Ted Baker, Bill Adams was CEO at Ideal Shopping. Bill Adams was also Finance Director at Argos and Finance Director at Homebase before that.
At the end of September, Moss Bros posted a rise in revenue in its half year results, though its loss before tax widened.
The luxury brand Ted Baker revealed a loss at the beginning of October as it battled against “unprecedented” trading conditions.
“I am delighted to welcome Bill to Moss Bros. Bill has considerable experience across a variety of different retail businesses, and will no doubt bring valuable additional insight to the business,” Brian Brick, CEO, commented on the announcement.
“We have recently implemented a clear and comprehensive strategy with clarity, unity and focus in place across the business. Bill will join us at a time where we can leverage the Moss Bros brand further into new channels. I believe Bill’s experience will enable him to make an immediate contribution to our future,” the CEO continued.
“I would like to take this opportunity to thank Tony on behalf of all at Moss Bros for his considerable contribution and support he has given and wish him well for his future endeavours.”
Bill Adams provided a comment on the news of his appointment: “I am very much looking forward to joining Moss Bros and working with Brian and the team. I believe the brand has a great future and I am excited about being part of the future direction of the company.”
Shares in Moss Bros Group plc (LON:MOSB) were up on Tuesday morning, trading at +0.91% as of 10:36 GMT.
Likewise, shares in Ted Baker plc (LON:TED) were also up on Tuesday, trading at +4.87% as of 10:30 GMT.