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Headlam Group PLC on Friday said Chief Executive Officer Chris Payne has stepped down from the board with immediate effect.
The Birmingham, England-based floor coverings distributor said Non-Executive Chair Stephen Bird will serve as interim executive chair while the board conducts a formal CEO succession process. Bird will return to his non-executive role once a new CEO is appointed.
Headlam said the board is accelerating the execution of its turnaround strategy aimed at restoring profitability and strengthening the group’s market position.
Chair Bird said: ‘This leadership change positions us to move forward with greater pace and focus. The board is taking decisive action to deliver the transformation our business needs. We would like to thank Chris for his efforts and wish him well for the future.’
Shares in Headlam were down 0.6% at 54.06 pence in London on Friday morning.
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