(Reuters) -Safestyle UK Plc said on Wednesday its Chief Executive Officer Mike Gallacher would step down after more than four years in the role, weeks after the British windows and doors retailer issued its second profit warning in four months.
Finance chief Rob Neale will take over the top job, effective immediately, and Gallacher, 56, will leave the business at year-end for personal reasons.
Safestyle has been grappling with higher costs and weakening demand as volatility in the UK mortgage market led to a housing downturn and fewer installations of doors and windows.
Shares of the company, which have slumped about 50% since Gallacher took over as CEO in May 2018, were trading about 2% lower on Wednesday at 27 pence.
Safestyle said it had started the independent search process for the replacement of 44-year-old Neale, who took up the CFO role in mid-2018.
“Rob (Neale) has made an invaluable contribution to the group since his appointment and the board has complete confidence in his ability to lead Safestyle through the next phase of its corporate growth,” the company said in a statement.
(Reporting by Aby Jose Koilparambil and Anchal Rana in Bengaluru; Editing by Devika Syamnath)
