Card Factory hires its new boss from the rival discount retail B&M, as its existing manager Richard Hayes steps down after 8 years with the organisation. Karen Hubbard, who has spent just more than a year at B&M as its COO, will take charge of the group’s operation starting next month. Before moving to UK in 2008, her career has concentrated on retail properties, taking care of locations for BP in her native Australia. She also spent five years at Asda, working operations and property.
“I have enjoyed my time at B&M but this opportunity was simply too good to ignore” She said. I was looking forward to working with the group to proceed the success accomplished by Richard and his team over recent years-she added.
Like B&M, Card Factory recently joined the London stoke market. the company’s IPO in May 2014 increased £90m to fuel expansion, and the value of the business just raised from £766m to an 800 £1.2bn. almost two decade old chain has more than 800 shops around UK.
Karen has much experience in value retailing both through store domains and multi-channel. She has a lot of energy and desire for business – said Geoff Cooper, chair of Card Factory. There is a huge development still to originate from the card Factory, and the board is sure that Karen is the right person to take charge form Richard to convey it – he added.
Recently , Mr. Hayes informed the board that he want to step down once a successor was found. After a hand over period he will leave the group at the end of June.
Analysts at Liberum Capital pointed out that, the CEO retirement is unpredicted, however the market should be consoled by the arrangement of another CEO with relevant skill set.