• Swindon & Wiltshire Appointments
• Wednesday November 19 2025

WH Smith boss quits with immediate effect following accounting probe

The CEO of Swindon-headquartered retail giant WH Smith has resigned with immediate effect following the publication of an independent probe into a multi-million pound accounting error.

Accountancy group Deloitte found major flaws in the operations of the group’s North America division, the company announced this morning.

Nearly £600 million was wiped off the retailer’s market value in a 42 per cent one-day share price fall when the error emerged in August.

It came shortly after the sale of its high street business, which has since been rebranded as TGJones by its new owners.

Mr Cowling, who had been group chief executive for six years, will be replaced on an interim basis by the company’s UK chief executive, Andrew Harrison, until a permanent replacement is found.

WH Smith chair Annette Court said: “On behalf of the company and the board, I would like to thank Carl for his significant contribution to WH Smith over the last 11 years.

“Upon being appointed as Group CEO in November 2019, Carl successfully navigated the Company through the global pandemic and, more recently, has
strategically repositioned the group as a pure-play travel retailer.

“We wish Carl every success in the future. I am pleased that Andrew has agreed to accept the position of Interim CEO.

“Andrew will join the board with immediate effect. With the support of an external executive search firm, the board is now committed to appointing the strongest candidate to lead the next phase and guide the group’s long-term growth strategy.”

Carl Cowling added:“Whilst the issues identified in the Deloitte review arose in our North American division, I recognise the seriousness of this situation and as group CEO feel it is only right that I step down from my position.

“It has been a privilege to lead WHSmith for the past six years as CEO. During this time, we have guided the company through the unprecedented challenges of the pandemic, pioneered our highly successful one-stop-shop for travel essentials, and completed the divestment of our high street and online businesses.”

Andrew Harrison added: “Our immediate priority is to maintain a relentless focus on operational excellence and execute the remediation plan with discipline.

“We have a very resilient business and the fundamentals of the Group are strong. Working alongside Max Izzard, group CFO, I am confident that we can move forward and position the group for long-term growth and success.”