Floor coverings distributor Headlam Group plc has announced that Chris Payne, Group Chief Executive Officer and Executive Director, has stepped down from the Board with immediate effect.

Stephen Bird, Non-Executive Chairman, will assume the role of interim Executive Chairman, while the Board runs a formal CEO succession process. He will return to his Non-Executive role once the new CEO is appointed.

The Board is accelerating the execution of the turnaround strategy to restore profitability and strengthen the Group’s market position.

Stephen Bird, interim Executive Chairman, commented: “This leadership change positions us to move forward with greater pace and focus. The Board is taking decisive action to deliver the transformation our business needs. We would like to thank Chris for his efforts and wish him well for the future.”