Thursday 17 October 2019

Eve Sleep shakes up leadership team as losses widen

The mattress company’s new CEO is leading a turnaround.

Eve Sleep chief executive James Sturrock is leading a turnaround plan (Eve Sleep)
Eve Sleep chief executive James Sturrock is leading a turnaround plan (Eve Sleep)

By Alys Key, Press Association City Reporter

Mattress firm Eve Sleep has shaken up its top team, as the business’s new boss makes his mark amid a dramatic turnaround plan.

Finance chief Abid Ismail and chief operating officer Felix Lobkowicz will both leave the company, while chief brand officer Kuba Wieczorek will move to a consulting role.

It is one of a number of changes made by new boss James Sturrock, who is leading a new strategy at the company.

In another surprise move, Eve also said it was ending its commercial relationship with retailer Dreams, just 18 months after it began.

In the last six months Eve has made considerable progress on its rebuild strategy under the new leadership of James Sturrock Paul Pindar, Eve Sleep chairman

Mr Sturrock was appointed chief executive in September to replace Jas Bagniewski, who stepped down after the group admitted it had pursued the wrong strategy by expanding into Europe.

Eve’s new boss has already led a review into the business, resulting in a new strategy focusing on differentiation, a wider product range and customer experience.

He has already appointed a new chief marketing officer – Cheryl Calverley – who has been in place since December.

Chairman Paul Pindar said: “In the last six months Eve has made considerable progress on its rebuild strategy under the new leadership of James Sturrock. I am confident that further significant progress will be achieved in 2019 as we focus on our pathway to profitability.”

The company also reported higher revenue for the full year on Tuesday, but pre-tax losses widened.

After pulling out of several markets to focus on core sales in the UK, Ireland and France during the second half, Eve’s full-year revenue was up 25% to £34.8 million.

Pre-tax losses widened by 1.3% to £20.3 million.

Analysts at Peel Hunt said: “Final results have come in marginally ahead of our previous forecasts, but it is the progress on delivering improved marketing efficiency, central cost savings, improved delivery options, a wider product set, lower returns, growing brand awareness and improving conversion that gives confidence that the business is on the right track.”

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