Debenhams pinches Mothercare finance chief

28th Jul 2014 08:25

High street retailer Debenhams has appointed the Chief Financial Officer (CFO) of Mothercare to the same role on its own board, it announced on Monday. Matt Smith, who has been CFO at Mothercare since last year and has previously been Finance Director of Home Retail's Argos, will take up his new role once he has satisfied the terms of his current contract. Chairman Michael Sharp said Smith has a "wealth of retail and financial expertise [that] will allow him to make a significant contribution to Debenhams". Smith's departure from Mothercare was announced on Friday.Shares had risen 1.52% to 65.07p by 08:21, while Mothercare's stock slumped 9.87% to 232.75p as it emerged a potential buyer had abandoned its interest in the mother and baby goods retailer. NR