Hallestein taps finance director Popplewell for top job

Hallestein taps finance director Popplewell for top job

Feb. 24 (BusinessDesk) – Clothing retailer Hallenstein Glasson Holdings has tapped long-serving finance director Graeme Popplewell to take the top job after Stephen Timms resigned yesterday.

Popplewell takes up the chief executive reins immediately, having been managing director of the Hallenstein men’s wear chain since June last year. Timms resigned yesterday after just one year in charge, saying he wanted to return to Australia for family reasons.

Hallenstein chairman Warren Bell said Popplewell had the “experience and expertise to take the company forward,” in a statement to the NZX. Popplewell has been with Hallenstein Glasson for 25 years.

Under Timms watch, the clothing retailer boosted its net profit 53% to $19.6 million in the 12 months ended Aug. 1, on better stock control. Since then the retailer cut its forecast for first-half earnings to between $7 million and $7.4 million as its women’s fashion chain Glassons struggled to make headway in an increasingly competitive market.

All retailers have been doing it tough over the past 18 months as New Zealand households took advantage of historically low interest rates to repay mortgages rather than ramping up spending. That’s kept a lid on economic growth, but has helped spark the desired rebalancing towards savings and investment.

The shares fell 0.3% to $3.70 in trading today, and rose 10% while Timms was chief executive. The stock has dropped 27% from a peak of $4.60 on Nov. 22.

(BusinessDesk)

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