WH Smith Chief Steps Down as Accounting Mistake Wipes Out Profits

On 19 November 2025, WH Smith announced that its chief executive, Carl Cowling, would be stepping down after an independent review revealed serious accounting errors in its North American business. The probe, led by Deloitte, found that WH Smith incorrectly booked more supplier income than it should have. This mistake inflated the company’s earnings by tens of millions of pounds. As a result, WH Smith has sharply revised down its profit forecasts, creating a shockwave in the markets.