In a surprise announcement, Martin Taylor, chairman of WH Smith, has told the company that he intends to quit by December 2003. The board of WH Smith is already searching for a replacement for CEO Richard Handover, who has made no secret of the fact that he intends to retire as soon as replacement can be found.
Director of retail Beverley Hodson is Handover's preferred successor, but is rumored to be out of favor with shareholders after her division performed badly over the Christmas sales period. Tim Hely Hutchinson, chief executive of Hodder Headline, is also in the running. Hely Hutchinson's empire is booming: in figures released at the end of April 2003, publishing sales rose £11 million, to £76 million. Other prime candidates include Simon Burke, chairman of toy retailer Hamleys, and Paul Mason, former chief of Matalan and Asda.
Changes are likely to be made soon in WH Smith's U.S. travel retail operations. Losses of £9 million have forced the company to close a further 33 hotel stores this year.
