The Very Group has appointed the former boss of department store chain Fenwick as its new chief executive.
Retail managing director Robbie Feather has been promoted to succeed Lionel Desclé, who has been in the role since September 2022.
The Merseyside-based company said Mr Desclée “has chosen to step down and pursue new opportunities”.
Mr Feather has also held a number of roles at Sainsbury’s Argos, including commercial director on the Argos board.
The new CEO said: “I’m hugely excited to be appointed group CEO of The Very Group.
“This is an outstanding business with a unique proposition, combining multicategory digital retail with flexible ways to pay.
“I look forward to working with our amazing Very team to delight our customers and continue to deliver sustainable growth for our shareholders.”
The news comes after the group, which is owned by the billionaire Barclay family, secured a £125m investment as it fell to a half-year loss.
The Very Group received around £85m from global investment firm Carlyle, while the rest has been provided by IMI to “support its growth strategy”.
As part of the agreement, Carlyle and IMI will each take a seat on the group’s board.
The Very Group, which includes Littlewoods, has been owned by the Barclay family for more than 20 years.
On his departure, Mr Desclée said: “It has been a privilege to lead this innovative and committed team in delighting our customers.
“I am proud of our achievements and believe that under Robbie’s leadership, the company will continue to succeed.”
The investment announcement was made at the same time The Very Group posted its half-year results for the six months to December 30, 2023.
The group’s revenue went from £1.219bn to £1.226bn while it went from making a pre-tax profit of £2.1m to a loss of £2m.
In the UK, The Very Group’s revenue increased from £1.029bn to £1.058bn, but Littlewoods’ sales fell from £147.3m to £128.9m. Very Ireland’s revenue decreased from £42m to £39.6m.
Very Finance revenue increased 2.7 per cent to £216.4m, supported by average group debtor book growth of 3.1 per cent and Very UK debtor book growth of 5.5 per cent.
Group chairman Aidan Barclay said: “Robbie has proven to be an outstanding retail leader, both at The Very Group and throughout his career.
“He understands our business intimately and has a strong track record of transformation and growth. He is the perfect person to lead the next stage of The Very Group’s development.
“On behalf of the board, I want to thank Lionel for his strong, customer-focused leadership. We wish him the very best in his future endeavours.”