Rider resigns at Storehouse: Finance director's departure is likely to herald other changes

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The Independent Online
GRAHAM RIDER yesterday resigned as finance director of Storehouse, the BhS and Mothercare group, in what is likely to be the first of a series of management changes following Keith Edelman's appointment as chief executive.

A spokesman for the company said there were a number of factors behind the departure. 'One of them is a new chief executive getting around him a new team to take the company forward.' Although no further departures are expected, Mr Edelman is likely to make a number of new appointments to the board.

Mr Rider was paid pounds 150,000 a year and had a two-year contract with the group. A spokesman said his compensation was likely to be less than one year's salary but he would be allowed to keep his share options.

According to the latest annual report, he had options on 113,732 shares at 142p. At yesterday's closing price of 207p, down 4p, these will bring him a profit of almost pounds 74,000.

Mr Rider's departure is the latest in a series of management changes at Storehouse, Earlier this year, David Dworkin left as chief executive after just six months in the job to return to the US. His predecessor, Michael Julien, left last summer due to ill health. Mr Rider was appointed finance director last December when David Simons left to join Isosceles.

Storehouse said it stood by the trading statement issued last month, which said BhS sales were 5 per cent ahead and Mothercare's 6 per cent, but warned of an extra pounds 6m provision against the disposal of Mothercare in the US.

(Photograph omitted)

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