‘Right time for change’ as Kris Lee will help greetings retailer find his successor
Card Factory announced yesterday, July 25, that it is parting ways with chief financial officer Kris Lee after five years during which he has made a “significant contribution” to helping guide the company.
Kris, who will be staying in post working with the budget greeting card and gift giant retailer to identify his successor and help ensure an orderly transition, will be paid £40,000 in compensation payment for loss of office after exiting once the new cfo has been appointed.
In a statement Card Factory said the board and Kris “have agreed that now is the right time for change” having helped provide the foundations for the successful delivery of the company’s Opening Our New Future growth strategy and a steady recovery of the group’s finances following lockdown restrictions.
Card Factory chairman Paul Moody said: “I would like to thank Kris for his significant contribution over the last five years. In particular, he has worked tirelessly to deliver a successful refinancing in recent times and leaves the company with a solid platform to move forwards. Together with Kris, the board will commence a process to recruit his successor and look forward to providing an update in due course.”
Kris, who joined Card Factory in 2017 following five years as group finance director at The Edinburgh Woollen Mill Group, commented: “It has been a pleasure working with Card Factory over the last five years, and I am proud of what the team achieved against an exceptionally challenging backdrop. Card Factory has made significant progress in recent years and has a clear strategy for the years ahead.”
The firm said its trading performance for the year is in line with expectations, as it prepares to publish its financial results in September 2022 – after yesterday’s announcement shares in the business were down 1.9% to 51.00p.
On Saturday, July 23, Card Factory opened its third new format model store in the Crownpoint Shopping Park in Denton, Manchester.
Adam Dury, Card Factory’s chief commercial officer, said: “Investing in our new model stores marks a huge milestone in Card Factory’s future. We are responding to the needs and wants of our customers – and the learnings we take from our model store trial programme will help to inform the roll out of store refurbishment programmes across our wider estate. I hope the new store proves a real hit with shoppers in Denton and look forward to hearing their feedback.”
