Selfridges CEO Andrew Keith Steps Down
Andrew Keith is vacating his position as chief executive officer at luxury retailer, Selfridges. Keith, known for driving the company’s sustainability initiatives, joined the store as a managing director in 2020. He is set to leave the retailer in the fall of this year.
During his time at Selfridges, Keith withstood numerous challenges, including a bankruptcy by co-owner Signa, Covid-19 lockdown and travel restrictions, a change in company ownership, and an array of layoffs announced earlier this year.
A company memo obtained by WWD revealed that Keith’s decision to leave is voluntary, with plans to pursue different opportunities. André Maeder, CEO of Selfridges Group, will assume Keith’s responsibilities.
The Selfridges Group includes the UK-based Selfridges, the Netherlands’ De Bijenkorf, and Brown Thomas Arnotts in Ireland.
Tos Chirathivat, chairman of Selfridges Group and executive chairman and CEO of Central Group, expressed his appreciation for Keith’s contributions. He stated, “We are grateful to Keith for his contribution to the success of our iconic U.K. business. He has been an invaluable member of the Selfridges team, leading the business out of the COVID lockdowns and through its acquisition in 2022. The launch of the Selfridges Strategy under Andrew’s leadership has resulted in many new customer innovations and enhancements.”
Keith responded by stating it was an honor to lead Selfridges and he feels it’s the right time to explore new ventures. He also expressed pride in leaving Selfridges in a strong position and passing the baton to Maeder.
Maeder is looking forward to working with the Selfridges team and will concentrate his efforts on innovation and maintaining exceptional quality.
Keith took on the role of CEO after Central Group procured a majority stake in Selfridges when their former business partner, Signa, fell on hard times. Signa has since declared insolvency and plans to sell its minority stake in Selfridges.
Recent reports suggest Saudi Arabia’s Public Investment Fund, a holder of a 10 percent stake in the Selfridges retail properties, proposed a cash offer of 1 million pounds for Signa’s 40 percent stake in the retailer.
Keith, who formerly held the position of president at Lane Crawford and Joyce in Hong Kong, has faced challenges at Selfridges. Earlier this year, he announced plans to cut 2 percent of the workforce, or 70 roles, due to difficult market conditions and changing customer needs. The layoffs predominantly affected head office employees, not retail floor staff.
Selfridges cited various contributing factors for the layoffs, including unfavorable market conditions, evolving customer demands, and the termination of the tax-free shopping program in the UK, which offered foreign shoppers a 20 percent discount on their purchases.