Very CFO exits for politics amid ownership speculation

The Very Group has announced the departure of its long-standing Chief Finance and Transformation Officer, Ben Fletcher, after nearly six years with the company. Fletcher is stepping down this month to pursue his "long-standing interest in politics," marking a significant change in the leadership structure of the digital fashion and lifestyle retail giant.

Following Fletcher's departure, Ed Fry, currently The Very Group's finance director, will assume the role of interim Group CFO. The company has initiated a comprehensive search for a permanent replacement, considering both internal and external candidates. An announcement regarding the permanent appointment is expected in due course.

This leadership change at The Very Group, which operates the prominent Very UK and Littlewoods brands, coincides with swirling reports about a potential shift in ownership. Speculation suggests that ownership of the retailer is expected to transfer from its current owner, the Barclay family, to one of its major lenders, the US investment giant Carlyle Group, later this autumn.

Robbie Feather, Group CEO of The Very Group, extended his gratitude to Fletcher for his substantial contributions to the business. Feather stated, “I would like to take this opportunity to thank Ben for everything he has contributed to the business and wish him the best of luck for the future.” He further highlighted Fletcher's integral role in navigating significant challenges such as the COVID-19 pandemic and Brexit. Feather also commended Fletcher for being a passionate advocate for the company's charity partnerships, including those with Coram Beanstalk and the National Literacy Trust, underscoring his dedication to supporting The Very Group's mission to help families get more out of life.