Selfridges, the British luxury department store, has experienced a significant change in its executive team with the departure of Chief Financial Officer Preetha McCann. McCann's tenure at Selfridges lasted only four months, a notably brief period that ended on March 8, 2024, as revealed by Companies House filings.
She officially joined the company on November 9, 2023, succeeding Matthew Smith, who had previously held the position for five years. McCann's exit is particularly striking as it marks the second time in just four months that Selfridges has seen a finance chief leave the role.
This rapid turnover at the top of the finance department comes during a tumultuous time for the retailer, which is embroiled in an ownership battle following the bankruptcy of co-owner Signa. The Austrian firm, which acquired Selfridges in a joint venture with Thailand’s Central Group in 2022, filed for administration after accumulating substantial debt. This led to Central Group taking control of Selfridges and potentially seeking a new partner.
The uncertainty surrounding Selfridges' future ownership has been compounded by interest from potential buyers, including Saudi Arabia’s Public Investment Fund (PIF) and Gucci owner Kering. However, the sale of Signa’s shares in Selfridges is complicated by ongoing legal proceedings in Austria.
Despite these challenges, Selfridges has shown resilience in its financial performance. In the 52 weeks leading up to January 28, 2023, the luxury department store reported a 29% year-on-year increase in revenues, totaling £843.7 million. Losses before tax also narrowed to £37.9 million during this period, compared to the previous year's losses of £121.5 million.
Preetha McCann's decision to step down was influenced by opportunities elsewhere, as suggested by media reports and her own statement on LinkedIn. She expressed her affection for the Selfridges brand and gratitude towards her colleagues.
"I have stepped away from my role as CFO at Selfridges. The brand is a magical one that I have always, and will continue, to love. Sending a big shout out and thanks to the amazing people in the Finance, Merchandising and Legal teams who I enjoyed working with."
Prior to joining Selfridges, McCann had a distinguished career, including roles as interim CFO for Dover Street Market and finance director for Heathrow, as well as a stint at strategy consultancy EY.
As Selfridges navigates through this period of change and potential acquisition interest, the search for a new CFO will be crucial in maintaining the storied retailer's financial stability and strategic direction.
