Peter McClelland will step down from his role as City Chic’s chief financial officer on October 18, 2024.
Deputy CFO James Plummer will be appointed as interim CFO as of that date.
McClelland’s exit comes as part of the group’s previously announced cost reduction program, which includes an additional $1.1 million in back-office headcount reductions following the sale of Avenue, which have now been finalised.
There was also a further streamlining of its centralised functions, City Chic reported.
As a result, and with the broader business restructuring largely complete and the Group’s balance sheet strengthened through its recent debt restructuring and equity raise, McClelland decided to pursue other opportunities.
He has been with the group since November 2021.
“Peter has been a great partner over the past three years and especially through our recent transformation period,” City Chic CEO Phil Ryan said. “He has worked tirelessly to secure a successful sale of EMEA and Avenue and to get the balance sheet back in shape to ensure we can return to a position of strength.
“With the restructuring now completed and City Chic operating as a much leaner and more agile business, we support Peter’s preference to look for his next challenge.”
McClelland said he enjoyed working with Ryan and the City Chic team over the past three years.
“With the benefits of the strategic initiatives now very evident and the necessary changes to the team and operating model successfully implemented, it is the right time to move on,” he said.
“We have a strong finance team which James is more than capable of leading and I would like to thank them, the board and the whole team for their support and diligence.”