Former B&M executive takes the top job at Card Factory
KAREN HUBBARD, chief operating officer at discount retailer B&M Bargains is quitting to take the top job at Card Factory.
The former ASDA and BP executive who joined fast growing B&M in 2014 with a responsibility for retail operations, distribution & logistics, supply chain, IT, HR, marketing and store development, will join the Wakefield company on February 22 as chief executive designate.
She will the succeed Richard Hayes as chief executive mid-April. Hayes has been with the group since 2003, serving as managing director and CEO since 2008. He will retire from the board and leave the group at the end of June 2016, having ensured a smooth handover over a four-month period.
Last year, senior staff including Mr Hayes cashed in on the company’s strong stock market performance, selling nearly £50m of Card Factory shares. Mr Hayes earned £9.6m in selling one-fifth of his stake.
She said: “This is a wonderful chance to lead a very successful and fast-growing value retailer with a clear leadership position in its market. I have enjoyed my time at B&M but this was simply too good an opportunity to ignore. I very much look forward to working with the team to continue the success achieved by Richard and his team over recent years.”
Geoff Cooper, chairman of Card Factory added: “Richard has led Card Factory with enormous success. Since he joined the senior management team in 2003 the Group has grown from a 40-store discount chain to a vertically integrated high margin value retailer with over 800 stores and two transactional websites.
“Having led the business through an MBO, the 2014 IPO and its first two years as a listed company, it is fully understandable that he now wants to retire. We are extremely grateful for all he has done and, when he steps down, it will be with our very best wishes.”
“Karen has a huge amount of relevant experience in value retailing, both through store estates and multi-channel. She clearly has a great deal of energy, and ambition for the business. There is significant growth still to come from Card Factory, and the board is confident that she is the right person to take on the mantle from Richard to deliver it.”
Hayes added: “I am fortunate to have had the opportunity to lead Card Factory through an exciting period of growth and change. It is a very strong business, with a great team of experienced people at executive level and right across the business, and I know they will give Karen every support as she takes the business further forward. I wish them all the very best for the future.”
Card Factory said trading over the Christmas period was in line with expectations, and said more details would be provided in a trading update on January 26.
