Selfridges CEO Andrew Keith is to exit the department store after four years at the business.
Keith, who was elevated from managing director to CEO last year, is leaving to “pursue new ventures”, WWD reports.
Newly appointed Selfridges Group CEO André Maeder, who joined in May, will take over Keith’s responsibilities in the UK.
Tos Chirathivat, Selfridges Group chair and executive chair and CEO of Central Group, which co-owns the department store business, said the firm was “grateful to Andrew for his contribution to the success of our iconic UK business”.
“He has been an invaluable member of the Selfridges team, leading the business out of the Covid lockdowns and through its acquisition in 2022.
“The launch of the Selfridges Strategy under Andrew’s leadership has resulted in many new customer innovations and enhancements. He has also been instrumental in helping to drive and champion the brand’s creative expression through a roster of world-leading collaborations and thought-provoking campaigns.
Keith said it was “an honour to lead Selfridges over the past few years”.
“From my first day I have sought to build on its amazing reputation as a creative, inspiring destination where everyone is welcome.
“However, I feel that now is an appropriate time to leave the business and pursue new ventures. I am proud to be leaving Selfridges in such a strong position and to pass the baton to André to continue this journey with our great team.”
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Maeder joined as group CEO just two months ago from German department store group KaDeWe.
He said he planned to focus on “innovation, enhancing customer experiences, and maintaining the exceptional quality that defines our legacy”.
“Together, we will ensure that our brand continues to set the standard in the industry, providing the unrivalled offering Selfridges is renowned for,” he added
Keith’s departure comes at a tumultuous time for Selfridges, which has seen its ownership hang in the balance after co-owner Signa filed for insolvency last November, just two years after it acquired the department store with Thai conglomerate Central Group.
Selfridges investor, the Saudi Arabia Public Investment Fund (PIF), is understood to be looking to up its stake from 10% to 50%.
The Saudi wealth fund plans to pay just £1m for the stake as it is a creditor of Signa and this would reduce its claims against the firm by up to £52m, Bloomberg reported last week.
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