WH Smith Boss Quits After Accounting Blunder
On 19 November 2025, Carl Cowling resigned as WH Smith chief executive with immediate effect following an independent Deloitte review into accounting failures in the company's North America division. Deloitte's investigation found that the division had recognised supplier income incorrectly and identified weaknesses in the finance team, alongside insufficient systems, controls, and review procedures.
As a result of these findings, the group cut its full-year headline trading profit forecast to £100m-£110m, down about 55% year-on-year. The North America profit forecast was slashed to £5m-£15m from an earlier projection of £55m. WH Smith’s share price has fallen almost 50% since August due to this accounting setback.
Cowling had overseen the sale of WH Smith's UK high street business earlier in the year. Following his departure, Andrew Harrison, head of the UK division, will serve as interim CEO. The board has stated that it is focused on rebuilding trust and profitability after the review.
