Yahoo Finance Mothercare to pay for two top salaries as boss Mark Newton-Jones rejoins
Ailing toy and baby-clothes seller Mothercare, which is looking to cut 800 jobs, will have two bosses on top salaries after the dramatic return yesterday of its sacked chief executive.
Mark Newton-Jones, who was ousted by its then chairman Alan Parker last month, is now back, on a £480,000 salary a year. This is the same as he was due to be paid, but down on the £612,000 he earned last year.
David Woods, brought in to succeed him, will now be managing director, earning £430,000 a year. Parker has since left the business.
Mothercare, which has been struggling with changing shopping habits and rising costs, plans to close 50 stores and cut rent bills on a further 21.
The plans to slim down the business are tied to a complex £113.5 million refinancing deal. It made a pre-tax loss of £72.8 million on sales of £654.5 million for the year to March 24.
Mothercare said: "Mark has taken a significant pay cut. Mark has a major role as part of the team to return to Mothercare to a more stable footing."
