Topps Tiles (LON:TPT) announced on Tuesday that its Group Chief Executive had decided to step down.
Shares in the UK’s largest tile specialist were down during trading on Tuesday.
The company revealed that Group Chief Executive Matt Williams has decided to leave his position with effect from 29th November 2019.
Meanwhile, the current Chief Financial Officer, Rob Parker, will take over as Group CEO on the same date.
Topps Tiles added that Matt Williams will remain as an advisor to the business until the end of May 2020 to ensure a smooth handover.
The company has begun to search for a new Chief Financial Officer, it added.
Matt Williams said that he will leave the business in order to “pursue a new challenge”.
“Topps is, and will always remain, a very special company to both me and my family. It is a quality business with enormous strength in its specialism which it derives from its people and culture. It has been an honour and privilege to lead and work alongside everybody within the Topps family and I wish them all well for the future,” Matt Williams continued.
At the beginning of October, the company announced that like-for-like sales declined during its fourth quarter, and were impacted by a difficult economic climate.
It blamed the “more challenging economic backdrop”, with uncertainty hitting consumer sentiment.
Rob Parker is “delighted to be offered this opportunity to lead the organisation”.
“Topps is an exceptional business in so many ways and I am very proud of the part I have played in our journey so far. I look forward to the future with energy and excitement as we continue to refine our market leading retail offer and to further our expansion into the commercial tile market,” Rob Parker said.
Shares in Topps Tiles Plc (LON:TPT) were down trading at -2.19% as of 13:35 GMT Tuesday.