Cheryl Calverley has been promoted to chief executive of Eve Sleep, the mattress brand she joined as its first chief marketing officer in 2018.
She replaces James Sturrock, the former chief executive of Moonpig, who was appointed just three months before Calverley to replace founding chief executive Jas Bagniewski. Calverley will step up on 12 May, at which point Sturrock will become a non-executive director.
Since Sturrock’s appointment, Eve has considerably reduced its losses, but its share price has fallen from a high of 130p in December 2017 to just over 1p today.
"The timing is right to make this transition," Essential Retail reported Sturrock as saying. "The new leadership team has been embedded and proven, the business and all of its processes has been overhauled and right-sized, and Eve is well advanced on the path to profitability.
"It is clear to me that I can fully support Eve in a non-executive capacity and that Cheryl, as an expert in building consumer brands, is well-placed to take Eve forward."
Calverley, who studied psychology and began working in economic analysis, had her first marketing job at Unilever, where she worked from 2003 to 2010. That was followed by a five-year stint at Birds Eye Iglo, where she became masterbrand marketing manager. She joined The AA in 2015 as head of marketing and was promoted two years later to marketing director.
Thanking Sturrock for his contribution, chairman Paul Pindar said: "The business has been reset and the benefits of the rebuild strategy are increasingly evident.
"Our full-year results in March showed that Eve had been profitable at the operating level, pre-central overheads, for the last six months to end February 2020, with costs and cash burn greatly reduced and further substantial improvements expected in the current year. I have every confidence that Cheryl will lead Eve to profitability, securing our sustainable future as the go-to sleep-wellness brand."