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Card Factory CEO Hubbard exits after 4 years in role

·1-min read
A woman wearing a face mask walks past a shuttered branch of Card Factory in Hackney, London
A woman wearing a face mask walks past a shuttered branch of Card Factory in Hackney, London

(Reuters) - Card Factory <CARDC.L> said on Friday top boss Karen Hubbard would be stepping down at the end of June after being at the helm for four years, at a time when it expects high-street transactions to be hurt due to social distancing measures.

The British card retailer also said non-executive Chairman Paul Moody would take on an executive chair role until it names a new CEO.

"Karen and the board have agreed that this is an appropriate time to transition to new leadership committed to the longer-term successful implementation of the next phase of the group's return to growth," the British greeting card retailer said.

Shares of the company, which gained as much as 2.8% in early trade, changed course to shed 1.8% to 48.90 pence by 0719 GMT

The company, which has more than 1,000 stores in the UK and Ireland, earlier this month warned of a hit to its business from social distancing measures, although online sales had seen a surge during Britain's coronavirus lockdown.

The Wakefield-based firm also scrapped its dividend payout this year as it grappled with lower footfall, online competition and higher costs of maintaining brick-and-mortar stores.

(Reporting by Shanima A in Bengaluru; Editing by Anil D'Silva and Uttaresh.V)