Quiz CEO and founder resigns as sales continues to drop amid strategic review

A yearly decline in sales has prompted the CEO of fast-fashion retailer Quiz to step down from his job while a strategic review was being conducted.

Tarak Ramzan, who is the company’s largest stakeholder and co-founder, will relinquish his leadership position while taking on a non-executive director role. He will continue to be accessible to the firm to facilitate a seamless transition.

Sheraz Ramzan, Quiz’s current chief commercial officer, who has held the role since 2004 and been an executive director of the firm since its 2017 IPO offering, will succeed him.

Sheraz Ramzan will be putting into practice a turnaround strategy to “recalibrate the Quiz brand, its product offering and reconnect with consumers,” according to a regulatory filing from Quiz. The goal is to get the business back to profitable growth.

In order to facilitate this change, Peter Cowgill, the non-executive chairman, has taken on a more proactive role in supporting the ongoing strategic options evaluation.