ProCook has appointed a new chief executive to succeed the kitchenware brand’s founder, who is stepping back from the role.
Daniel O’Neill, who established the Gloucestershire firm almost 30 years ago, will be replaced by former Walmart boss Lee Tappenden.
The London-listed retailer said Mr O’Neill will remain on its board as a non-executive director role, and would continue to help develop the group's product range.
It comes after the business, which sells its products through its website and a portfolio of more than 50 UK stores, slipped to a loss as inflationary pressures squeezed consumer spend.
Last month ProCook reported an underlying pre-tax loss of £0.2m for the year to April - plummeting from a £9.5m profit recorded in the previous 12 months. Revenue was also down 10% year-on-year to £62.3m from £69.2m in 2022.
Bosses said the slide reflected lower sales, inflated operating costs and investment in new facilities to drive growth, including a new distribution centre and headquarters in Gloucester.
During the recent presentation of its results, Mr O’Neill had reflected that the current economic backdrop had been “one of the toughest I have experienced in my career”, with the company saying he was intending to step back from the CEO role “at an appropriate point”.
ProCook said Mr O’Neill would remain in post until Mr Tappenden joins the company in early October.
Mr O’Neill said: "I am extremely proud of what we have accomplished with the business over the last 27 years, now is the right time for me to hand over the reins to a new CEO.
“Lee brings with him a passion for what we have already created and is excited about the opportunity to lead ProCook on the next stage of its journey. His extensive experience in retailing, specifically in a direct to consumer environment and in delivering growth, made Lee the perfect choice.
“I very much look forward to working with him and remain fully committed to supporting ProCook's continued growth and performance."
Mr Tappenden is currently the President at Amyris International, part of the Nasdaq-listed synthetic biology company which produces sustainable beauty and health ingredients and operates its own family of consumer brands.
He previously spent 25 years with Walmart Stores and Asda, during which time he became chief operations officer, and then president and CEO of Walmart Canada.
Mr Tappenden said: "I am very excited to be joining the business at this stage; still in its infancy as a listed company and with considerable potential for sustainable, long-term growth. Whilst we are operating in difficult macroeconomic conditions, substantial work has been done by the existing team to ensure ProCook emerges stronger, and I look forward to building on this excellent platform."
ProCook chairman Greg Hodder added: "I would like to extend a very warm welcome to Lee as our new CEO. With his extensive leadership, retail and consumer background, his experience will be invaluable in leading ProCook through its next stage of development as we grow the business.
"I would also like to take this opportunity to recognise everything Daniel has done as the Founder and leader of this business over the last 27 years, most recently culminating in the Group's IPO in 2021 and subsequently navigating the challenging market conditions over the last 18 months. He is responsible for creating ProCook and is an outstanding entrepreneur.
“He will continue to add value to ProCook through his passion for the business and its products, and I look forward to our continued work together over the years ahead."
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
And if you run a Gloucestershire business that wants to celebrate its success, why not enter the GloucestershireLive Business Awards 2023 - full details here
