British footwear retailer Shoe Zone has announced that its CEO Anthony Smith and chairman Charles Smith have both increased their stakes in the company following the resignation of non-executive director Jeremy Sharman.
The Sharman Family Pension fund, of which Sharman is a beneficiary, has sold its entire holding of 234,375 ordinary shares of the company via asset swap transactions to Sheepy Magna Investments Limited (an investment vehicle in which Charles Smith has a 50 percent interest) and Slawston Investments Limited (an investment vehicle in which Anthony Smith has a 50 percent interest).
The asset swap was agreed earlier this month at 61p per ordinary share.
Charles now has a 22.5 percent stake in the company while Anthony has a 28.1 percent stake.
Sharman will be replaced by Victoria Norrish who is currently supply chain director at TheWorks.co.uk plc.
“I am proud to have served on the Shoe Zone board for the last 9 years. Having now completed two full terms of three years as a public company it is an appropriate time for me to step down as a non-executive director,” Sharman said in a statement.
“I am pleased to have been involved in the recruitment process for my successor and am sure that Victoria Norrish will bring a wealth of talent and experience to the board. Shoe Zone is a first class company which treats all of its stakeholders, customers, staff and shareholders with the utmost integrity. I wish the team every success in the future.”
Photo credit: Shoe Zone, Facebook