Jo Whitfield, CEO of Matalan, has resigned after 18 months, pursuing a portfolio career.
- Whitfield joined Matalan in March 2023, spearheading a transformation programme.
- Her achievements include forming a new leadership team and stabilising the business.
- Matalan has commenced the search for a new CEO, with Karl-Heinz Holland serving as interim executive chair.
- The company showed significant financial recovery under Whitfield’s leadership.
Jo Whitfield has made the decision to step down from her role as CEO of Matalan, a position she held for 18 months, to focus on building a portfolio career. Her appointment in March 2023 marked the beginning of a transformative period for the company.
During her tenure, Whitfield focused on restructuring the leadership team. Key figures such as Ali Jones, Ben Smith, and Phil Hackney were appointed to crucial roles, resulting in a stabilised business environment. Matalan credits Whitfield with putting both customers and colleagues at the forefront of the business’s ethos.
The search for a permanent CEO is underway, and in the interim, Matalan’s chair, Karl-Heinz Holland, will take on the role of executive chair. Holland acknowledged Whitfield’s contributions, stating, ‘She has led the team that have stabilised the business and, perhaps most importantly, she has put customers and colleagues back at the heart of everything we do.’
Under Whitfield’s leadership, Matalan reported a 44% reduction in pre-tax losses, lowering them to £60 million. Furthermore, the company’s EBITDA improved by 92% year on year, reaching £53 million. This financial turnaround is attributed to improvements in gross margins, stringent cost control, and operational enhancements.
Despite a 6% decrease in revenue, exceeding £1 billion, Matalan’s strategic decisions and challenging market conditions were recognised as contributing factors. Whitfield expressed pride in the achievements of her team, noting, ‘We have reset the business foundations against a very challenging backdrop, have improved profitability in the first year and developed a strategy to take the business forward.’
Matalan is set to continue on its path to success, building on the foundation laid during Jo Whitfield’s tenure.
