Carpet king and Tory peer Lord Harris of Peckham is to re-claim his throne at Carpetright after reversing his decision to retire from the business he founded amid plunging profits.
The retailer today floored the City with its latest management re-think after a string changes at the top.
Harris, who had intended to retire in September after 56 years in the carpet trade, will now remain with the business after the appointment of a new chairman, expected later this year.
It is understood Harris is keen to protect the interests of the retailer’s founding family, which has a 20% shareholding in the firm.
He said: “The decision has been made on reflection. It will give continuity to the business for the workers in the factory and the shops.”
Carpetright last month announced former Coral and HMV executive Wilf Walsh will become chief executive in July after former boss Darren Shapland left suddenly last year and part-successor Graham Harris was made redundant last month.
Shares rose 2% to 504.75p as Carpetright posted a 40% fall in operating profits to £6.9 million in the year to April 26 but said profits are expected to improve in the next year as economies in the UK and the Netherlands improve.
