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Matalan chief executive to step down

Published: 1 October 2010
Alistair McGeorge to leave retailer by January but could retain position as a non-executive board member.
Reports suggest that Mr McGeorge announced his decision to quit earlier this month and will start to relinquish his responsibilities from the end of October.

Finance director Paul Gilbert has been named as a potential successor to Mr McGeorge for the chief executive role, although the retailer is believed to be looking for candidates externally as well.

Mataln declined to comment today.

The retailer described its outlook as "cautiously optimistic for the rest of the year" after a satisfactory start, where it posted a 4.4% revenue increase to £277.4m for the 13 weeks to May 29. EBITDA rose 1.7% to £41.4m during the period, while operating profit before exceptionals was up 2.5% to £32.6m.

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