Card Factory CFO Kris Lee heading for the exit

Card Factory said on Monday that chief financial officer Kris Lee has agreed to leave the company following a transition period and will receive £40,000 in compensation for loss of position.

The greeting cards retailer said Lee has played a significant role in helping to guide the company through the last few years, and particularly during the Covid-impacted period.

"Having helped provide the foundations for the successful delivery of the company's 'Opening Our New Future' growth strategy and a steady recovery of the group's finances following lockdown restrictions, the board and Kris have agreed that now is the right time for change," it said.

Lee will stay on in the role while a process to identify his successor is carried out.

Card Factory also said on Monday that its trading performance for the year to date is in line with the board's previous expectations.

Chairman Paul Moody said: "I would like to thank Kris for his significant contribution over the last five years. In particular, he has worked tirelessly to deliver a successful refinancing in recent times and leaves the company with a solid platform to move forwards.

"Together with Kris, the board will commence a process to recruit his successor and look forward to providing an update in due course."