Schuh has appointed Nick Scott, former CFO of Footasylum, as its new chief financial officer effective Nov. 2, replacing David Gillan-Reid after 28 years in the role, parent company Genesco announced Monday.

Scott will report to Tomas Petersson, who was named president of Schuh in July. The move extends a management shake-up at the U.K.-based footwear chain as Genesco works to reverse declining sales at the division.

Why the change matters for the turnaround

Gillan-Reid's exit ends nearly three decades of financial continuity at Schuh. Petersson framed the transition as a foundation for the next phase rather than a rupture.

"I'd like to thank David for his incredible contribution as CFO of schuh over the last 28 years," Petersson said in a statement. "He leaves behind a business with strong foundations for its next chapter."

Genesco said Scott will join the leadership team to strengthen financial operations, support sustainable growth and advance Schuh's ambition to be the "unrivaled" fashion footwear destination for youth audiences.

What Scott brings from Footasylum

Scott's track record is heavily weighted toward growth financing and multi-channel expansion — experience directly relevant to Schuh's current challenges. At Footasylum, he served as CFO of the sportswear and streetwear retailer, where the company credits him with:

• Consecutive record revenue and profit results
• A significant refinancing to fund growth
• Accelerated store expansion and digital-first investment
• A landmark international franchise partnership

Before Footasylum, Scott was chief operating financial officer at Baird Group, owner of Suit Direct and U.K. licensee for Ben Sherman and Ted Baker formalwear — giving him direct experience with licensed brand operations, a channel under pressure in Genesco's current numbers.

"This is a fascinating moment for our industry, with trends evolving rapidly and customers shopping across more channels," Scott said in a statement. "Schuh's carefully curated brand partnerships, strong store estate and growing digital presence put it in a great position to meet those changing needs."

He added that he aims to "drive value creation, sharpen our commercial focus and support the delivery of the strategy as we build schuh's next chapter."

Petersson called Scott an "accomplished finance leader with outstanding experience, combining strategic financial expertise, strong commercial acumen, and proven leadership skills," and highlighted his "track record of supporting businesses through change and delivering improved performance."

How steep is the hole Scott inherits?

Genesco's most recent results, issued in September, show the scale of the task. The company posted a net loss of $8.8 million, or 83 cents per share, in the second quarter of fiscal 2027, an improvement on the prior year's loss of $11.7 million, or $1.14 per share.

Net sales fell 3 percent to $530 million from $546 million in Q2 fiscal 2026. Schuh was the largest driver of the decline, with sales down 10 percent. Genesco Brands fell 21 percent, or $7 million, while Journeys was flat and Johnston & Murphy grew 5 percent.

Genesco attributed the sales decline to net store closings, decreased licensed sales, a 6 percent drop in e-commerce comparable sales from reduced Schuh discounting and unfavorable foreign exchange, partially offset by a 1 percent gain in same-store sales and higher sales from enlarged stores.

The reduced discounting at Schuh — a deliberate margin-protection move that cost comparable online sales — signals the margin-versus-volume trade-off Scott will now help manage. With Petersson installed in July and Scott arriving in November, Genesco has rebuilt Schuh's top financial and operational leadership within one fiscal year.

Whether the new team can stabilize Schuh's top line will become clearer in Genesco's third-quarter results, the first to reflect a full quarter under the restructured leadership.