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Unfortunately, I do not know the directors of N Brown (LSE:BWNG) personally. I had hoped to meet them in July, but it looks as though I’m not going to make it to the AGM after all. To add to the uncertainty, we have the problem that the key players have been in post for only a few months.
The changing of the guard sent the share below £1 earlier this year as investors suspected a forced change due to poor, but unrevealed, results, caused by inept management.
As it turned out the underlying business is rolling along quite nicely, making much the same profit as it has over the last six years. And the shift to digital, the Power Brands and Financial Services profits has continued apace.
Naturally, the new team have dumped as much of the bad news as they can in the accounts to March 2019, hence the massive exceptional item charge of over £140m. Hopefully, this will allow them to start with a relatively clean sheet and grow the business
Matt Davies, Non-executive Chairman,
Appointed to the board Feb 2018, elected Chairman May 2018. As CEO of Tesco UK and ROI until April 2018 he led its turnaround. Formerly CEO of Halfords (2012-15), FD and CEO of Pets at Home (2001-2012). An impressive CV for this position.
Remuneration £220,000. Owns 31,130 shares. He seemed pretty ruthless in disposing of N Brown’s last CEO, Angela Spindler, in September 2018.
Steve Johnson, CEO,
Appointed to main board September 2018, became interim CEO September 2018 then CEO February 2019.
Joined February 2016 as Financial Services Director in 2016 from Shop Direct where he was Financial Services Marketing and Product Director for four years.
Remuneration: If below target £477,000; Target £1.1m; Maximum £2.1m
After the preliminary results were published Steve Johnson purchased 20,606 shares on 2 May 2019 at about £1.20 and 7,265 shares on 7 May 2019 at £1.38.
Craig Lovelace, 43, CFO
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