Halfords Group boss David Wild has resigned following disappointing trading figures.
The companyâ€™s Chief Executive Officer â€œhas agreed to leave the Board of Halfords and will cease to be employed with immediate effectâ€, a statement reads
Halfords Chairman Dennis Millard will head the company during the search for a new CEO and said: â€œAfter careful deliberation, it is felt that now is the right time for a change of leadership in the Group to enable it to implement that strategy and maximize the opportunities that lie ahead.â€
Sales for Halfords have fallen by 5.6 percent in the first quarter. A rise of 9.2 percent in revenue from Autocentres, and 22.6 percent boost for in-store fitment services, were not enough to offset the 7.5 percent fall in overall performance on the retail side.
Over the 13 weeks to June 29, sales for the group were down 10.5 percent, much of the drop blamed on the poor summer weather.
Last month the company issued a profits warning which sent share value down by 15 percent, although they rebounded 11 percent this morning on todayâ€™s news.
A recent survey by Which? Magazine also rated Halfords as one of the worst retailers on the high street.
Halfords is predicting full year profits of between Â£62 and Â£70 million. Wild is on 12 months notice and will be paid his Â£645,399 salary and benefits in monthly installments which reduce if he takes employment elsewhere.