Blacks Leisure, the United Kingdom outdoor chain, announced its chief executive Russell Hardy will step down ” 'by mutual agreement'. Blacks also announced it had appointed advisers to carry out a review of its strategic options for boardwear chain Freespirit.
Hardy, the former head of Dolland & Aitchison opticians, will be replaced by finance director Keith Fleming until a permanent replacement can be found.
Hardy, CEO since January 2005, has presided over a difficult period at the group. In January it issued its third profit warning in less than six months.
Hardy, who joined the company two years ago, said: “Blacks Leisure Group has iconic brands, an exciting business proposition and a strong team behind it. I want to thank everyone I have worked with for their hard work and commitment and I wish the business much success in the future.”
Chairman David Bernstein added: “The board would like to thank Russell for his contribution to the company and wishes him all the best for the future. Under his leadership much has been achieved and we are confident that the right strategy is in place. The priority going forward is to implement with urgency the necessary actions for Blacks Leisure to prosper as the leading specialist retailer in the growing outdoor and boardwear markets.”
The retailer also confirmed that it has appointed advisers to assist in a strategic review of its Freespirit business.
'This review will be wide-ranging and will assess all options to maximise the growth potential of the Freespirit business and its value to Blacks Leisure shareholders,' it said.
The company added in a statement that current sales are still in line with the outlook announced at the time of the preliminary results announcement on May 3, when its said recent like-for-like like sales had increased by 0.8 per cent and margins had recovered after aggressive stock clearances in March.
Blacks said its outlook for the first half of the current financial year will depend on the key summer season and the success of the new camping and summer clothing lines, which it added had started well.
