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Mothercare says CEO to step down at end March

Reuters - UK Focus

LONDON, Feb 24 (Reuters) - British baby products retailer Mothercare (Other OTC: MHCRF - news) said on Monday its chief executive will leave the company at the end of March and the search for a replacement is starting immediately.

The company's executive management will be responsible for the day-to-day running of the firm until a new chief executive is appointed.

"The Board remains confident in the underlying strength of Mothercare and expects results for the year ending March 2014 to be in line with current market forecasts," the company said in a statement.

Chief executive Simon Calver will receive a payment of 250,000 pounds instead of a six months' notice period, the company added, without specifying reasons for his departure.