Shoe Zone, the popular budget footwear and accessories retailer, has recently undergone changes in its leadership structure. The CEO and Chairman of the company, Anthony and Charles Smith, have taken steps to increase their stakes in Shoe Zone following the departure of non-executive director Jeremy Sharman. This significant change in ownership came about as the Sharman Family Pension fund decided to sell its entire holding of 234,375 ordinary shares to investment vehicles Sheepy Magna Investments Limited and Slawston Investments Limited.

Although the transaction was conducted at a price of 61p per ordinary share, the company’s shares were trading at a slightly lower price of 53.5p by the end of Tuesday’s trading day. As a result of this asset swap, Charles Smith now has control over more than 11 million ordinary shares, giving him a voting right exceeding 22% of the company’s total. Anthony Smith’s interest has also risen significantly, as he now possesses over 14 million ordinary shares, representing more than 28% of total voting rights. Together, the Smith brothers now hold control over 50.48% of the company’s total voting rights.

In addition to the changes in share ownership, Jeremy Sharman has stepped down from his role as a non-executive director and has been replaced by Victoria Norrish. Norrish currently serves as the Supply Chain Director at plc and brings to Shoe Zone an impressive wealth of talent and experience. Notably, she has previously held positions such as Strategic Development Director, Finance Director at plc, and Head of Management Accounts at Jessops. Her career kicked off as an auditor with esteemed firms KPMG and Godkin & Co.

Jeremy Sharman, who had a hand in the recruitment process for his successor, has expressed his confidence in Norrish’s appointment. He believes that Victoria will bring valuable skills and expertise to Shoe Zone, highlighting her potential to contribute significantly to the company’s growth. Sharman also praised Shoe Zone as a first-class company that prioritizes the wellbeing of all stakeholders and expressed his well wishes for the team’s success in the future.

These recent changes in leadership and the increased ownership stakes by Anthony and Charles Smith demonstrate a strategic move by the brothers to strengthen their control over Shoe Zone. It will undoubtedly be intriguing to observe how these alterations impact the company’s future direction and overall performance.

Useful links:
Shoe Zone Terms of Use
Shoe Zone Investors Page