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Business News

Halfords names new boss

Halfords has named the former Pets At Home boss Matt Davies as its new chief executive.

Mr Davies replaces David Wild, who quit in July on news of a profit warning and a sharp sales decline.

Mr Davies, 41, takes on the post today, when Halfords is also due to update the market on trading.

Dennis Millard, chairman of Halfords who has been acting as interim chief executive officer, said Mr Davies had "impeccable service credentials and the energy and ability to drive Halfrods forward".

Mr Davies – who was chief executive of Pets At Home for eight years – will be paid a £500,000 salary and is entitled to a potential £750,000 annual bonus, with up to a further £750,000 in long-term incentive shares from next August.

He said he wants to help the group achieve its "full potential".

His appointment comes after a torrid half-year for the group, which reported a 7.5 per cent plunge in like-for-like retail sales in the quarter to 29 June as record rainfall impacted sales of cycles and outdoor goods.