Jo Whitfield, CEO of Matalan, departs after 18 impactful months, aiming for a portfolio career.
- Appointed in March 2023, Whitfield spearheaded Matalan’s transformation, assembling a robust leadership team.
- Under Whitfield, Matalan significantly improved its financial footing with a 44% reduction in pre-tax losses.
- Whitfield’s strategic decisions led to enhanced profitability and a revamped operational strategy.
- Karl-Heinz Holland to become executive chair as Matalan searches for a new CEO.
Jo Whitfield, the CEO of Matalan, has stepped down from her role after 18 months, transitioning to a portfolio career. Her tenure, beginning in March 2023, was marked by significant transformational initiatives aimed at stabilising and strengthening the company’s market position.
During her leadership, Whitfield was instrumental in rebuilding Matalan’s core team, bringing in key figures such as Ali Jones as chief customer and omnichannel officer, Ben Smith as chief trading officer, and Phil Hackney as chief supply chain operation officer. These appointments were part of a broader strategy to ensure that customer and colleague engagement remained at the forefront of Matalan’s business operations.
The financial impact of Whitfield’s leadership was substantial. The company reported a 44% decrease in its loss before tax, bringing it down to £60 million, while EBITDA increased by 92% to £53 million year on year as of 24 February 2024. This financial recuperation was largely a result of strategic improvements in gross margins, strict cost control measures, and enhancing operational efficiencies.
Despite achieving revenues exceeding £1 billion, there was a 6% decrease on a like-for-like basis. This dip was attributed to strategic choices and prevailing market conditions, which presented significant trading challenges. Nevertheless, the groundwork laid during Whitfield’s tenure has set a solid platform for future growth.
With Whitfield’s departure, Matalan’s chair, Karl-Heinz Holland, will step into the role of executive chair temporarily as the search for a permanent CEO continues. The board remains confident in its strategic plans and the company’s foundational strength, with an emphasis on delivering sustained long-term growth.
The departure of Jo Whitfield marks the end of a period of significant transformation for Matalan, poised now for future growth.
