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(Alliance News) - Card Factory PLC on Friday announced the abrupt departure of Chief Executive Karen Hubbard at the end of June after four years in the role.
Shares in Card Factory were down 3.1% at 48.25 pence in London.
The greetings card and gift retailer will immediately begin searching for her successor. In the meantime the company's current Chair Paul Moody will take over as executive chair. Moody will receive an additional GBP30,000 per month fee on top of his normal GBP144,000 chair fee.
According to Card Factory: "Karen has implemented a solid platform for future growth, recruited a strong executive board, overseen entry into new channels and markets and led the development of the refreshed strategy which is now more relevant to the market and macro-economic environment we face today."
However, as part of the new strategy, it was agreed that now would be "an appropriate time to transition to new leadership committed to the longer term successful implementation of the next phase of the group's return to growth."
Details on the "refreshed growth strategy" will be provided in more detail at Card Factory's July 28 capital markets event.
Hubbard will be on garden leave between June 30 and the end of her employment, which is likely to be December 31. She will be available for handover during that time and her salary and contractual benefits will be paid in the normal way until the end of the year.
Payment of salary and benefits in lieu of her remaining period of notice will be paid until March 26, 2021, and she is eligible for an annual performance-based bonus for the period to June 30, 2020.
By Anna Farley; annafarley@alliancenews.com
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