Possible protest over plans to axe hundreds of jobs
Britain’s Carphone Warehouse is keeping tight lipped over why its managing director Matt Stringer is leaving after just two years in the job.
According to The Times newspaper, Matt Stringer walked out in protest over a restructuring of the group that could result in hundreds of workers being axed.
The former Marks and Spencer executive joined Carphone Warehouse in June 2010, answering to CEO Andrew Harrison.
He was the company’s first UK m.d., though sources suggest his switch to a low margin business like mobile phone retail had proved difficult.
His decision to quit comes just weeks after retail director Anthony Hemmerdinger also left the company after just over a year in the job.
Carphone Warehouse employs over 4,000 people across more than 800 stores, but has been hit by a drop in pre-pay sales and a weakening pay-as-you-go sector. In the past 12 months its shares have more than halved from a year high of 354p in November 2011 to around 164p now.
Stringer, hailed by his colleagues as a passionate leader, had more recently been involved in rolling out the company’s Wireless World initiative – specially adapted stores focussing on tablets, add-ons, apps and content sales. He was also responsible for pushing Android sales.
His departure comes as Carphone Warehouse braces itself for the UK debut of Apple’s iPhone 5 – already claimed as the most pre-ordered phone in the company’s history, with four times the orders of any other handset since the company started trading in 1989.
* Hundreds of Apple fans queued all night around the clock to get their hands on the iPhone 5 when it went on sale this morning [21st September 2012] at the company’s flagship store in London’s Covent Garden.