The financial director of struggling department store group V&D is leaving after just nine months in the job.
According to an internal memo acquired by broadcaster RTLZ, Jack Zantman will leave on October 1 because ‘his job will be done’.
‘The refinancing operation of the past few months has been finalised, giving V&D a strong financial basis on which to build a profitable future,’ RTLZ quotes the memo as saying.
The company received a new cash injection of €47m from its owner, private equity investor Sun Capital, in July. The new investment is a buy-out of the bank consortium which had been propping up V&D since its financial problems became apparent earlier this year.
V&D, which has 63 department stores in the Netherlands, agreed a temporary rent cut with its landlords earlier this year, and is in talks with the unions on reducing the workforce.
RTLZ says the departure of Zantman is noteworthy because he was not taken on as a temporary troubleshooter.
A V&D spokesman confirmed to the broadcaster that he will be leaving. ‘It is a personal decision. There were no arguments.’
The company would not say if he will receive a golden handshake.
Zantman will be succeeded by Rob Reichgelt, a 55-year-old management expert who has worked for several American private equity companies in Europe.
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