LONDON (Alliance News) – Laura Ashley Holdings PLC on Thursday said Non-Executive Chairman Tan Sri Dr Khoo Kay Peng is retiring and has resigned with immediate effect.

Kay Peng has been the Chairman of the textile design company since 1999.

Non-Executive Director Andrew Khoo Boo Yeow has been appointed by Laura Ashley as new non-executive chairman, also with immediate effect.

“Tan Sri Dr Khoo leaves an important legacy and retires having left Laura Ashley a stronger and much-loved global brand as a result of his vision,” said Boo Yeow.

“I look up to what he has achieved, draw inspiration from his remarkable accomplishments and continue to follow the values he espouses,” added Boo Yeow.

Laura Ashley shares closed down 4.1% on Thursday at 3.60 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com