Losing its shine
INVESTORS gave Shoe Zone the boot as the footwear retailer warned on profits and its chief executive stepped down.
Nick Davis, who had been CEO for three years after joining in 2003 and whose pay package last year including bonus and pension was £463,411, resigned “to pursue other business interests”.
Executive chairman, Anthony Smith, will resume his role as permanent CEO and chief operating officer, Charles Smith, becomes interim executive chairman.
The shares of Shoe Zone, which trades from about 500 stores and employs 3,500 people across the UK and Ireland, plunged 60p to 132p as it warned its annual results would be below expectations.