John Lewis of Hungerford managing director Jon Rosby to step down

(ShareCast News) - John Lewis of Hungerford said on Monday that Jon Rosby will stand down as managing director on 30 September after ten years in the role.The kitchen, bedroom and furniture retailer said Rosby was leaving by mutual agreement to pursue other opportunities and will be succeeded by Kiran Noonan who will become managing director effective from 3 October.Rosby will resign as a director at the end of September and following a handover period, during which he will support Noonan in her new role and ensure the smooth transition of responsibilities, he will leave the business at the end of December.Noonan joined the group as head of sales and marketing in 2012 and was appointed to the board in 2013. The company said she has spent four years "establishing a dedicated, competent and disciplined sales team".Chairman Ken McNaught said: "On behalf of the whole board I would like to express appreciation for what Jon has achieved during his time with the business."Latterly, the changes he has implemented to our operating structure have reduced our underlying cost base significantly and leave us better positioned to drive returns for shareholders from the sales growth secured in recent years. The board believe the new streamlined management structure will be an important factor as we seek to return the business to profitability in 2017." At 0930 BST, shares were down 9% to 1p.