Sir Philip Green's Arcadia loses second boss in a week

Laura Onita 4 September 2019 • 2:31pm

Si Philip Green — Jamie Drummond-Smith stepped down as interim chairman of Arcadia, which owns Sir Philip's stable of brands Credit: Mike Marsland

Sir Philip Green lost a second senior executive a day after one of its key lieutenants resigned from his retail empire.

Jamie Drummond-Smith stepped down as interim chairman of Arcadia, which owns Sir Philip's stable of brands, after he was drafted in six months ago to help with the company's restructuring plan.

Arcadia's chief executive Ian Grabiner said: "Following the successful completion and approval of the group’s company voluntary arrangement, Jamie has stepped down from his role."

In June, Sir Philip managed to stave off the collapse of his Arcadia empire after winning the backing of its landlords and other creditors for a CVA, a controversial form of insolvency, albeit at the second attempt. About 50 stores will close, putting 1,000 jobs at risk, and a further 194 will have their rents slashed.

Mr Drummond-Smith's departure follows David Shepherd's resignation earlier this week.

Mr Shepherd, chief operating officer, was one of Sir Philip's most trusted lieutenants, having worked for the business for 25 years. The 55-year-old started out as a Saturday worker in Topshop and eventually became brand director of Topman, its sister business. He said he was retiring early.

Mr Shepherd has been described as a loyal lieutenant of Sir Philip's and part of the family, according to people who know him.

Sir Philip’s American ambitions came to a halt in May when Arcadia said it would close all 11 of its US stores. It still sells through Topshop’s website and concessions in Nordstrom department stores.

Arcadia, which also owns Burton, Dorothy Perkins, Evans and Miss Selfridge, has 17,000 staff and made sales of £1.7bn last year.