Newton-Jones to stand down as CEO of Shop Direct

Mark Newton-Jones, chief executive of the shop direct Group which owns Littlewoods and Very.co.uk, has announced that he is to stand down.

Newton-Jones said he was leaving to "seek new challenges" but had committed to remain in post until 2013 to ensure that the business makes it through a "brutal" first quarter. He said: "I thought it was important to stay around for this year, which I think will be a very challenging year for all retailers.

"The consumer environment is so fragile. Insecurity about jobs is undermining confidence."

Newton-Jones has been credited with developing a strong multi-channel offering for the Shop Direct group of businesses.  He said: "We have transformed the business from a dowdy catalogue retailer into a company that is a modern and dynamic online leader."

He added that he had no firm plans for his next role but would probably continue to work in retail.

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