LONDON Feb 20 British fashion retailer Reiss
named former Next executive Christos Angelides as its
new chief executive on Monday in a move aimed at allowing
founder and chairman David Reiss to scale back his
Reiss, which is majority owned by private equity firm
Warburg Pincus, said the appointment was part of a
planned succession process. It ends speculation that Angelides
might join Marks & Spencer to lead its struggling
Angelides, who spent 28 years at Next with 14 as group
product director, had a brief stint as president of Abercrombie
and Fitch based in the United States.
He will start his new role at the end of March and will
resign as a non-executive director of rival French Connection
on Feb. 28.
"I am delighted that Christos has agreed to lead Reiss ...
and look forward to working closely with him in order to ensure
an orderly succession," said David Reiss, who will remain
chairman but give up the CEO role.
Last month Reiss reported total sales up 19.7 percent in the
six weeks to Jan. 7.
($1 = 0.8026 pounds)
(Reporting by James Davey; Editing by Alexander Smith)