Overview
- Deloitte’s independent review identified inconsistent treatment and overstated recognition of supplier income in the US arm, plus weak finance staffing and inadequate controls.
- Carl Cowling resigned as group chief executive with immediate effect and will remain employed until 28 February 2026 to support an orderly handover.
- UK chief Andrew Harrison has been appointed interim CEO while the board begins a search for a permanent successor.
- The company cut guidance again, forecasting North America headline trading profit of £5–15m and group profit of £100–110m for the year to 31 August, with preliminary results due on 16 December.
- WH Smith outlined a remediation plan including a finance transformation, accelerated rollout of a supplier‑income management system by early 2026, third‑party assurance and expected non‑underlying FY25 costs of up to about £10m, after a share slump that has erased roughly £600m in value since August.