WH Smith CEO departs following profit impact from US accounting issues

Written by Emily J. Thompson, Senior Investment Analyst

Source: Reuters

Updated: Nov 19 2025

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Source: Reuters

CEO Resignation: WH Smith's CEO Carl Cowling has resigned following an independent review that uncovered accounting failures in the company's U.S. operations, leading to a profit forecast cut and a 47% drop in share value since August.
Accounting Issues: An internal evaluation revealed that WH Smith's North America division had prematurely recognized supplier income, resulting in a deferral of approximately £20 million ($26 million) and highlighting weaknesses in the finance team's structure and controls.
Interim Leadership: Andrew Harrison, head of WH Smith's UK division, will serve as interim CEO while the board searches for Cowling's successor, amidst ongoing reviews of the North America business leadership.
Revised Profit Expectations: WH Smith now anticipates a group headline trading profit of £100 million to £110 million for fiscal 2025, a nearly 55% decrease from the previous year, with North American profits expected to fall significantly from earlier projections.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.