MADE.L Share News (MADE)

(Alliance News) - Liberum brushed aside concerns over the strategic direction of Made.com Group PLC following the sudden exit of Chief Executive Officer Philippe Chainieux who stepped down immediately due to "family reasons".

Made.com Group PLC shares fell on Monday after the retailer said its now former chief executive officer Philippe Chainieux has stepped down immediately due to "family reasons".

The London-based homeware and furniture retailer said Nicola Thompson will take on the role of interim chief executive officer with immediate effect.

Thompson was working as chief operating officer at Made since September 2019 before the change was made.

Made.com said that Thompson has over 20 years of retail experience and more than 10 years of experience in senior leadership positions within international e-commerce businesses.

Chainieux worked as CEO at Made for six years since September 2016 before stepping down. Prior to being CEO, he worked as chief operating officer at the company.

Liberum analyst Wayne Brown said that while the news is "clearly disappointing", the continuity amongst the senior management team means there should be no change to the long-term strategy that investors bought into at the initial public offering.

"Thompson, will become interim CEO. She has been at the group since 2019, throughout the IPO process and also has an impressive CV of various senior roles at digitally-native companies. Operating alongside a well-established and long-standing senior team it means the business remains in very good hands to continue delivering on the strategy and initiatives set out at IPO, which make MADE on of our top growth picks," Brown said.

Liberum acts as a corporate broker for Made.com.

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

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