(Reuters) - Struggling U.K. flooring retailer Carpetright
The company, which is implementing a survival plan after negotiations with creditors in the past year, said Jeremy Simpson would replace Page on Feb.25.
Simpson is joining Carpetright from asset and energy support services group Sureserve Group
Carpetright had raised 65 million pounds ($82.7 million) through a share issue in June last year after creditors and shareholders backed a restructuring plan to close stores and cut jobs.
Many British retailers have either gone out of business or announced plans to close shops, struggling with subdued consumer spending, rising labour costs, higher taxes and growing online competition.
The company said on Tuesday it was on course to achieve the annual cash savings target of 19 million pound announced as part of the recapitalisation in May last year.
UK like-for-like sales for the 13 weeks ended Jan. 26 remained negative although it improved from the first half, Carpetright said, adding that the overall performance were in line with expectations.
Neil Page, who began his career with British Rail and Marks and Spencer, joined Carpetright in 2008 and was paid 388,000 pounds in fiscal 2018, according to the company's annual report.
Simpson, who has been CFO for nearly five years, has previously held senior positions at Shanks Group plc, Hunting plc
(Reporting by Sangameswaran S and Arathy Nair in Bengaluru; Editing by Arun Koyyur)