Nisa Retail has announced that its Chairman Christopher Baker will not be standing for re-election at its AGM on 29 September, and subsequently resign following the meeting.
He was appointed Chairman of Nisa in January 2013, bringing experience in retail, corporate strategy and governance to the group, having previously held senior management roles at Littlewoods and Coopers & Lybrand.
As Chairman, Nisa said that he was instrumental in professionalising the work of the board and recruiting its new executive management team in 2015, which subsequently embarked on a turnaround strategy. In July this year, Nisa’s full year results reported a return to profitability and a significant reduction in central overhead costs.
Peter Hartley has been appointed interim non-executive Chairman designate. He joined the Nisa Board in December 2012 as an independent non-executive director. He chairs Nisa’s Audit Committee as well as sitting on the remuneration and nominations committees.
A chartered accountant with banking qualifications, Nisa said that Hartley has extensive retail sector experience at both strategic and operations levels having held a number of CEO as well as finance director roles. More recently, he held a number of non-executive roles, including at GO Outdoors UK Limited, where he provides strategic guidance to management, as well as corporate governance.
Commenting on his departure, Baker said: “Nisa has now been stabilised after a challenging few years, and I am confident that the foundations are in place for it to capitalise on its potential. I have greatly enjoyed my time at Nisa, but believe the Company and its members now need a new Chairman with a fresh mandate from the shareholders to take the business forward, alongside the new executive management team.”
The Nisa Board will announce the process for the appointment of a new non-executive Chairman at its AGM later this month.