Storehouse appoints two new directors

Click to follow
The Independent Online
STOREHOUSE, owner of BhS, yesterday filled the last two gaps on its board with the appointment of Dick Steele from Lloyds Chemists as finance director and WPP's Martin Sorrell as a non-executive.

The appointments were not well- received in the City and Storehouse's shares fell 10p to 239p. Lloyds Chemists grew rapidly by acquisition and there has been concern among investors about its accounting policies.

A Storehouse spokesman admitted that Mr Steele came from a 'controversial stable' but added that he had 'first-class accounting skills, first-class retail experience and considerable corporate experience'.

A chartered accountant, Mr Steele spent three years at Next before moving to Midsummer Leisure as finance director in 1987, joining Lloyds three years later. He will join Storehouse on 1 April.

The appointments mean the group will now have four executive and four non-executive directors on its board.

It has undergone a number of management changes recently. David Dworkin resigned as chief executive a year ago after just seven months in the job. Graham Rider, Mr Steele's predecessor as finance director, had been in the job for less than a year. He resigned last October, shortly after Keith Edelman took over as chief executive.

Comments