With immediate effect, Halford’s chief executive officer David Wild has left the giant retail chain.
Wild’s departure follows today’s disappointing sales reports from the retailer, which saw like-for-like revenue fall 5.6 per cent during the quarter.
Leisure revenues – including cycling – were hit, prompting Halfords to state: "Cycling and other Leisure revenues were materially impacted by the unseasonal weather conditions with cycling revenues down 9.6 per cent."
The search is now on for his successor in the CEO post.
In the meantime Dennis Millard, non-executive chairman, is to become interim executive chairman until a successor is appointed – a process that will take a number of months, according to Halfords. Following that, Millard will return to his non-exec chairman role.
"The Board and I would like to thank David for his efforts and strategic insight over the past four years," said Millard. "Halfords is a strong business with a clear strategy and leading positions in a number of large and attractive retail and service markets. After careful deliberation, it is felt that now is the right time for a change of leadership in the Group to enable it to implement that strategy and maximise the opportunities that lie ahead."
Millard will chair Halfords’ exec committee while Halfords searches for a new CEO, assisted by his Board colleagues finance director Andrew Findlay and commercial director Paul McClenaghan and the rest of the leadership team.
David Wild said: "I have enjoyed my time at Halfords and feel we have accomplished a great deal during my tenure as CEO. Now that we have developed the overall strategy that will guide the future of the business over the coming years I feel it is the appropriate time to step down and seek fresh challenges elsewhere."
Wild had been in the post since August 2008.
Register for the BikeBiz News Digest at the registration page.