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Clarity on accounting errors, but WHSmith is still on the backfoot. (Photo by Anna Barclay/Getty Images) Getty Images The resignation, on Wednesday, of Carl Cowling, the group CEO of U.K.-based travel retailer WHSmith, is only the beginning of a long road to regaining market confidence. His departure follows a serious accounting error which heavily overstated profits in the company’s North American division that sent the stock into a tailspin in August. That revised figure was again downgraded on Wednesday. On the back of the findings of an independent review by Deloitte into the reasons for the overstatement, released yesterday, Cowling stepped down “with immediate effect” according to a statement. However, he will remain employed by WHSmith until 28 February 28 next year “to ensure an orderly handover of his duties.” While WHSmith looks for a successor—with a formal search process having already begun—the CEO of the U.K. division, Andrew Harrison, will become the interim group CEO. Harrison joined the company as managing director (MD) for the U.K. business in May 2021 having previously spent 15 years with Manchester Airports Group. There he held various roles including commercial director and MD of Manchester Airport, and MD of Stansted Airport, Britian’s second and third busiest airports respectively. Markets had a positive reaction to the news with the stock up 5% since the announcement, but year-to-date WHSmith shares are down by 46%. Investors will be waiting to see who replaces Cowling as he or she will be tasked with overseeing and implementing a far-reaching remediation plan for North America. Weak financial oversight and another profit revision In its review, Deloitte cited a “target-driven performance culture”, weak financial oversight in North America, and a decentralised divisional structure as three reasons, among others, for the overstatement of profits. This stemmed from an accounting treatment for…

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Filed under: News - @ November 21, 2025 5:25 am