Clarks misconduct mystery

CLARKS has forced its chief executive to quit over claims of misconduct.

The family-owned shoe maker, which was founded in 1825 by brothers Cyrus and James Clark, said Mike Shearwood, 55, had resigned following an investigation into complaints of conduct that failed to meet its code of business ethics.

A spokesman for Clarks said the company ‘recently learned that aspects of Mr Shearwood’s conduct, conversations and expressions fell short of the behaviours expected of all its employees on a number of occasions’.

The spokesman said the board had accepted his resignation. Shearwood joined the firm as chief executive in September 2016 from women’s clothing store Karen Millen. His departure will likely raise concern among investors in the shoe store, which suffered a turbulent time before he joined with no permanent leadership for a year.

In the most recent financial year to the end of January, profits fell to £45.2m from £63.7m, while sales slumped to £1.5bn from £1.6bn previously.

Clarks has named Stella David, its senior independent director, as interim chief executive with immediate effect.