Speculation had circulated for the past fortnight that Monro would be ousted, but sources close to the retailer had played the talk down. In recent months, the business, controlled by South African investor Tradegro, has failed to meet internal like-for-like sales growth targets and a new distribution centre has not brought the benefits hoped for.
Instore chairman Christo Wiese credited Monro with revitalising the former Poundstretcher business and said: 'With the Instore format now established, Angus has decided that this is an appropriate moment to step down.'
Seymour Pierce analyst Richard Ratner said: 'While the South Africans may be axing Angus, they have hardly covered themselves in glory over the time that they have controlled the business. Indeed, Angus's predecessor as chief executive effectively bust the company.'
New arrival Coates is a former chief executive in Australian company Foodland Associates and ran Aldi in the UK between 1988 and 2000.
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