Mothercare CEO Daniel Le Vesconte steps down after 5 months

(Reuters) - Baby products retailer Mothercare said on Friday that its Chief Executive Officer Daniel Le Vesconte has stepped down after just five months at the helm.

Chairman Clive Whiley and Chief Financial Officer Andrew Cook will lead the operating board until the process to find a CEO replacement is completed, Mothercare said on Friday.

"The board believes that a change in CEO is in the best interests of the company and its shareholders," it added.

Le Vesconte took over as CEO in January, when the company was grappling with the lingering effects of the pandemic and the Russia-Ukraine conflict. It had been without a CEO since Mark Newton-Jones left in 2020.

The 54 year-old Le Vesconte had previously held senior leadership roles at Abercrombie and Fitch, British bootmaker Dr Martens and Vans owner VF Corp.

The London-listed company said last month it had begun discussions with its lender to change, renegotiate, or refinance its debt facility due to higher interest rates, warning that it may need waivers to future covenant tests.

Shares in the company are down more than 20% this year.

(Reporting by Eva Mathews in Bengaluru; Editing by Sherry Jacob-Phillips)