Chris Woodhouse, one of the UK’s most experienced finance chiefs, will remain as a non-executive director at troubled Agent Provocateur to help the company resolve accounting issues it has uncovered despite stepping down as chairman.
Chartered accountant Woodhouse has stepped down as chairman amid an accounting probe at the boutique lingerie business. Woodhouse decided to stand down because a full-time chairman is needed and the former FD and deputy CEO of Homebase already has a full-time job at RAC breakdown recovery service.
Earlier this year former chief executive Gary Hogarth parted company with the luxury lingerie brand after ten years at the business following a lacklustre set of accounts and a strategic review by Goldman Sachs. In February, Agent Provocateur reported a fall in profits by nearly a quarter last year. Sales rose 16% to £61.7m in the year to 28 March 2015.
In September finance director Keith Wilks also parted ways with the lingerie brand, after almost seven years at the business.
Woodhouse appointed Fabrizio Malverdi as chief executive in September.
Ian Lobley, a partner at private equity 3i Group, which is Agent Provocateur’s majority shareholder, has taken over the reins as chairman at the luxury lingerie brand.
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