Made.com chief steps down due to family reasons
Chief executive of Made.com Philippe Chainieux has said he is leaving his post because of family reasons.
“I have to pause my professional activities to take care of my family,” said Chainieux, who has been with the retailer for about nine years and oversaw its London stock market debut during the pandemic.
In an announcement this morning, it was revealed that the chief operating officer Nicola Thompson will take over his position at the online furniture retailer as the interim CEO with immediate effect.
Made.com said Thompson was “extremely well placed to fulfil the role of interim CEO”.
“On behalf of the board, I would like to thank Philippe for his dedication and hard work over the last nine years, during which he and the Made team have built this exciting, unique and successful digital consumer business,” Made.com chair Susanne Given said.
“In 2021, we delivered record revenues and finished the year in a strong financial position.”
“It is with sadness and understanding that the board accepts Philippe’s resignation and we wish him and his family well for the future.”
In a previous interview with City A.M. last Summer, Chainieux said that the online furniture market had reached an “inflection point” similar to the one previously seen in fashion, as more and more people shifted away from brick-and-mortar retailers.
The site saw its active user base rise to 1.2m in the year to the end of the first quarter in 2021, as the pandemic helped drive up demand among online retailers.
Discussing his departure, Danni Hewson, AJ Bell financial analyst, said: “There’s no better time for a boss to step down from a business than when it’s delivered a stonking set of results and the outlook for the year ahead is a growth one.”
“Philippe Chainieux has left Made.com in fine fettle, steering it through its debut on the stock market and numerous supply issues. But unsurprisingly the loss of such a capable hand at the helm has rattled investors today although the news that the company’s COO is stepping up at least in the short term has helped steady the ship.”
However, she pointed out that the big question for investors will be who will permanently take the lead. “Friction and uncertainty make uncomfortable bedfellows for investors even if the bed is made in house”, she added.