Missguided founder-CEO to step down, advisory firm brought in
Troubled fast-fashion firm Misguided is losing its founder and CEO with Nitin Passi stepping down from leadership of the firm, it emerged on Wednesday.
The company has also brought in advisers from Teneo to look at strategic options for the business with it likely to speed up its existing plans to find a strategic partner that has the platform and infrastructure to help it to the next level of its turnaround.
And while Passi is stepping down from the helm, he’ll stay on the board of the firm’s parent company.
The company also said that its stock issues have improved after it streamlined its warehouse operations. And it has been able to cut costs at its head office during this year.
Chair Ian Gray said: “Missguided
“I recognise it’s never easy for founders to decide to step away from day-to-day leadership of the businesses they create, but I respect Nitin’s decision and look forward to his continued guidance as a member of the holding company board.”
Passi meanwhile said it was the right time for him to step down from the direct leadership of the firm but he retains “great pride in what we’ve built”.
The company launched its strategic review last year and concluded that high costs were an issue. It has made a number of redundancies this year, although fewer than originally expected.
