0954 GMT - WH Smith faces a long road to restoring credibility, AJ Bell's Dan Coatsworth writes in a note. The British travel retailer's CEO Carl Cowling has resigned after an accounting review identified issues at its North America unit--which wiped 594 million pounds off the company's value overnight, he notes. Replacing him will be difficult as any incoming chief executive must rebuild market trust first rather than simply focusing on corporate strategy, he says. Earnings damage is deeper than expected, with North American profit guidance now well below even the revised expectations issued after the problems emerged in August. Shareholders face further value decline, and attention is shifting to activist investor Palliser, whose demands and scrutiny are likely to intensify, he adds. Shares are up 0.9% at 6.19 pounds. (najat.kantouar@wsj.com)

(END) Dow Jones Newswires

November 19, 2025 04:55 ET (09:55 GMT)

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