Majestic Wine (AIM:MJW) – CEO leaves…and the share price gets a boost
News of the departure of the wines retailer’s CEO Steve Lewis saw the shares climb 5%. Given Mr Lewis’ excellent service to Majestic over the past 29 years we think that was a little harsh but, as we observed in January after the Christmas trading update, management evidently needs to change strategy in a very competitive environment.
MJW has a cracking little business but clearly changes need to be implemented to adapt to the rapidly changing retail environment. The days of simply opening more and more stores are over!
However, despite the sector pressures (and absence of CEO) we really think it could be a good time to follow.
Management evidently needs to rein back capital expenditure related to store openings at least and properly join the mobile digital world.…
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