Country Road CEO Matt Keogh steps down after two years

Matt Keogh has resigned as CEO of Country Road, as Scott Fyfe steps up to become the retailer’s third boss since 2014.

Ian Moir, CEO of Woolworths Holdings, will work with the executive team until Scott Fyfe takes the reins early next year.

Country Road Group chief executive Matt Keogh has suddenly resigned after only two years in the role, with South Africa’s Woolworths Holdings — which controls the fashion retailer as well as department store David Jones — appointing Scott Fyfe as the new boss of the retail business.

In something of a merry-go-round of bosses, Mr Fyfe will be Country Road’s third boss since 2014. Mr Keogh has been with Woolworths Holdings for 11 years.

It comes at a time when Country Road’s recent performance has disappointed investors and Woolworths Holdings, with the chain not trading as profitably as David Jones following a number of poorly executed fashion strategies that saw its range fall flat with shoppers.

Woolworths Holdings announced this afternoon that Mr Keogh would resign from Country Road Group, the business that houses fashion labels Country Road, Mimco, Trenery and Witchery, and that he was leaving the company in order “to pursue new career opportunities’’.

Only last month up-market department store David Jones announced it was shifting its Australian headquarters from Sydney to Melbourne, as part of a consolidated campus headquarters that will see David Jones share head office space with the Country Road Group.

As part of the shake-up of David Jones when Woolworths Holdings bought the department store in 2014 for $2.2 billion, then Country Road boss Iain Nairn became the new CEO of David Jones, with Mr Keogh promoted from managing director of Witchery to the new chief of the Country Road Group.

Only a year later, in November 2015, Mr Nairn quit David Jones for, as yet, unexplained reasons, although there was speculation at the time he clashed with Woolworths Holdings over the strategy at David Jones.

Mr Keogh is out the door too, to be replaced by 20-year retail industry veteran Scott Fyfe, who, like recently appointed David Jones boss John Dixon, also cut his teeth at iconic UK retailer Marks and Spencer, including serving as executive assistant to Lord Rose, CEO and chairman of the chain.

Woolworths Holdings said this afternoon that Mr Fyfe would commence in his role in early 2017, with Ian Moir, Woolworths Holdings Group CEO working with the executive team until that time.

Commenting on the announcement, Mr Moir said: “I would like to extend my warmest thanks to Matt who has made a significant contribution across our Group in Australia and South Africa over the past 11 years. I thank Matt for his commitment and dedication and wish him well in his future endeavours.“

Mr Fyfe’s experience includes 20 years at leading global retailer Marks and Spencer where he has worked in a wide variety of roles spanning buying, merchandising and sourcing. Most recently, these included director of menswear and kidswear and merchandising director of womenswear.

“Scott’s depth of experience and track record in one of the world’s most innovative and competitive retail markets will be of great benefit to CRG and its iconic brands. Scott’s background takes in the full spectrum of omni-channel operations within a large scale, multibrand fashion business. I look forward to his contribution at this exciting time for our Australian businesses” said Mr Moir.