LONDON (Alliance News) - Joules Group PLC on Monday said that Chief Executive Officer Colin Porter will retire from the company before the end of financial 2020, following his appointment to Moss Bros Group PLC's board.
The exact timing of the CEO's retirement is still unconfirmed, fashion retailer Joules said, leaving enough time to ensure a smooth transition to his successor. The process to identify a replacement is already underway.
Porter joined Joules in 2010, with the last five years spent in the role of CEO.
Earlier in March, Porter joined the board of menswear retailer Moss Bros as non-executive director and chair-designate.
Porter will take over the role of chair of the suit retailer after Moss Bros' annual general meeting in May, when current Chair Debbie Hewitt will retire after nine years on the board.
Chair Ian Filby said: "Colin has made a truly outstanding contribution to Joules since joining the business in 2010. During his tenure, Joules has achieved fantastic growth both in the UK and internationally."
He added: "Joules has a committed, experienced and highly skilled executive management team who, along with Colin's successor, will continue to focus on expanding Joules as a leading lifestyle brand."
Joules shares were trading down 3.1% at 279.00 pence each while Moss Bros shares were 4.6% lower at 21.00p.