Holland & Barrett chairman Alex Gourlay is to step down after leading the retailer through three years of “significant and successful” transformation.
Gourlay is also stepping down from the board of H&B owner LetterOne as the retailer enters its “next stage of evolution”. He will be replaced by LetterOne chairman Mervyn Davies.
Since joining H&B in 2023 Gourlay, the former Walgreens Boots Alliance co-chief operating officer and qualified pharmacist, has overseen one of the most successful periods in H&B’s recent history, in which the business has gone from loss making to posting three years of double digit growth.
It has seen the business invest more than £350m into modernising its store estate and supply chain, as well as completely overhaul its digital offer, following LetterOne’s £700m debt buy-back deal in 2022.
Having overseen a restructure of its global senior team – which saw Anthony Houghton appointed group CEO – Gourlay is stepping down as the business enters the next stage of its strategy.
Gourlay said it had been a privilege to work with colleagues across both H&B and LetterOne.
“I’m incredibly proud of what we’ve achieved over the past three years, building stronger foundations for the future while staying true to our purpose of helping people add quality years to life,” Gourlay said.
“I’m particularly proud of the strength of the leadership team we have in place. Anthony has done an outstanding job in stepping into the CEO role and is well positioned to lead the business through its next phase. I’m delighted that Mervyn is taking on the role of Chair and I look forward to seeing the business continue to grow and succeed.”
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Incoming chairman Davies is a well-known face in business and politics, having been the longtime chairman and CEO of Standard Chartered Bank.
The life peer since 2009, Baron Davies of Abersoch has also held board positions at Jack Wills, Diageo among others and is the current UK Trade envoy to Sri Lanka. He has been chairman of LetterOne since 2015, and will continue in the role alongside his new role at H&B.
“Holland & Barrett is a unique and trusted brand with a powerful purpose,” Davies said. “It is a true high street success story with a strong digital platform, set for further growth in the UK and internationally.
“The progress made over recent years has created a strong platform for the future, and I’m excited to work more closely with the board and executive team as the business builds on that momentum,” Davies said.
Read more: Anthony Houghton on Holland & Barrett’s epic turnaround
Holland & Barrett will focus on “scaling growth” and unlocking the full benefits of its recent investments as part of the next stage of its strategy. The business has set its sights on reaching £1bn turnover by the end of the next financial year.
“Holland & Barrett is entering its next phase from a position of real strength, with the foundations now in place to scale growth and deliver the full benefit of our investments,” said H&B CEO Houghton.
“Alex has played an important role in guiding that journey, and I’ve personally valued his support and leadership,” Houghton said.
“As we move into this next phase, we do so with real confidence. We have a strong team, a clear strategy and a business that is better positioned than ever to support our customers’ health and wellbeing. I’m looking forward to working closely with Mervyn as Chair as we build on that momentum and continue to grow Holland & Barrett in the UK and internationally.”
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