Laura Ashley CEO Resigns Under Pressure

The chief executive of Laura Ashley Holdings resigned under pressure, amid troubles that included senior executive departures, a plunge in the stock price and warnings of more losses. Ann Iverson, a U.S. retailing executive who formerly revived Storehouse and Mothercare, had joined Laura Ashley more than two years ago with a mandate to turn around the fortunes of the London-based clothing group. But when Laura Ashley announced a first-half loss in September and predicted more to come, Iverson acknowledged the group was producing “disappointing results for both the company and our shareholders.” Iverson was immediately replaced by Chief Operating Officer David Hoare. Laura Ashley warned in September that it will probably post a loss for the year, after losing $7.7 million for the first six months. In the meantime, the company’s shares have lost more than three-quarters of their value over the last 12 months. Ashley’s American depositary receipts closed at $3.63, down 13 cents.