31.08.2006

CEO change at HSS

Paul Nolan, chief executive of HSS and a member of the 2004 Management-Buy-In team, has left the company this week and been replaced by new recruit Chris Davies.
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Chris Davies

Prior to taking the job at HSS Davies was managing director of Disney stores Europe and before that with Staples Office Superstores. His early career was closer to the rental sector, having started out with a builder’s merchant.

HSS has put out a brief statement on the change and declined to comment further on the reasons for Nolan’s sudden departure. It simply said: “the HSS board had expressed its gratitude for his major contribution and the company’s return to improving profitability.”
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Paul Nolan

Vertikal Comment

Nolan took over from Lister Fielding, after the management buy in at the end of 2003, funded by 3i, the venture capital firm. Since then Nolan has overseen dramatic changes at the company, with a high fall-out of senior staff and a restructuring of the business.
See 3i and management team buy HSS
On the international front he oversaw the sale of the company’s German operation along with the branch by branch disposal of RentX in the USA.

After seeming to be pulling back from international adventures, the company then turned around and bought a significant stake in its Spanish franchisee.
See HSS buys in Spain
In spite of all the changes HSS is still lagging behind other participants in the sector such as Speedy. The company's results have also continued to decline, with increased losses in 2005. Ultimately this is likely to be the reason behind the change at the top.