Card Factory appoints Karen Hubbard as new chief executive

(ShareCast News) - Card Factory has appointed Karen Hubbard as the company's new chief executive, taking over from Richard Hayes later in the year.Hubbard, who has been chief operating officer of B&M European Value Retail since 2014, will join the board of the FTSE 250 company in February as CEO designate and take up the role in mid-April.She also held a number of senior roles at ASDA between 2009 and 2014, including as Executive Director Property, Format Development & Multi-Channel, and had a 14-year stint in BP's retail operations, most of it in her homeland of Australia.She said it was "too good an opportunity to ignore"."This is a wonderful chance to lead a very successful and fast-growing value retailer with a clear leadership position in its market.The appointment follows Hayes' indication to the board of his desire to step down once a suitable successor had been found.He will leave the board in June 2016 to ensure a smooth transition over the four-month period.Chairman Geoff Cooper said Hayes, who took up the Managing Director and CEO role in 2008, has led the company with enormous success."Since he joined the senior management team in 2003 the Group has grown from a 40-store discount chain to a vertically integrated high margin value retailer with over 800 stores and two transactional websites."Having led the business through an MBO, the 2014 IPO and its first two years as a listed company, it is fully understandable that he now wants to retire."Cooper noted the board is confident his replacement is the right person to take on the job."Karen has a huge amount of relevant experience in value retailing, both through store estates and multi-channel."She clearly has a great deal of energy, and ambition for the business."Hayes said he is fortunate to have had the opportunity to lead Card Factory."It is a very strong business, with a great team of experienced people at Executive level and right across the business, and I know they will give Karen every support as she takes the business further forward."