Debenhams plc CEO confirms leaving arrangements (1365V)
April 14 2016 - 2:01AM
UK Regulatory
TIDMDEB
RNS Number : 1365V
Debenhams plc
14 April 2016
CHIEF EXECUTIVE CONFIRMS LEAVING ARRANGEMENTS
14 April 2016
DEBENHAMS PLC
Debenhams announces that Michael Sharp has confirmed plans to step down
As announced in October 2015, Michael Sharp will step down as Chief Executive of Debenhams
this year and has today submitted his resignation to the Board. The process to appoint his
successor is well advanced and details will be communicated in due course. As previously agreed,
Michael will continue as Chief Executive until his successor is confirmed to ensure an orderly
and smooth handover.
Michael Sharp commented:-
"It has been a privilege to lead Debenhams and I am very proud of our achievements since September
2011. I believe Debenhams is now capable of competing in the ever changing and challenging
world of multi-channel retailing. We have a strong and talented management team and I would
like to thank them and our 30,000 colleagues for their continuing support, hard work and passion."
Sir Ian Cheshire, Chairman, commented:-
"On behalf of the Board, I would like to thank Michael for his service as Chief Executive
of Debenhams. He has led the business through an unprecedented period of change for the sector,
leaving the business in good shape for the future as today's results demonstrate. The foundations
to deliver sustainable growth are in place."
- Ends -
Enquiries
Analysts and Investors
Debenhams plc
Katharine Wynne 020 3549 6304
Media
Brunswick Group
Simon Sporborg, Jon Drage, Helen Smith 020 7404 5959
Notes to editors
Debenhams is a leading international, multi-channel brand with a proud British heritage which
trades from 253 stores across 27 countries. Debenhams gives its customers around the world
a unique, differentiated and exclusive mix of own brands, international brands and concessions.
Michael Sharp:
The following information is provided in accordance with section
430(2B) of the Companies Act 2006.
Michael Sharp's remuneration terms will be in line with his
service agreement and the Group's Executive Remuneration Policy as
approved by shareholders in December 2014. Full details of the
Policy are in the 2015 annual report, available on
www.debenhamsplc.com.
1. Michael Sharp's 12 month notice period commenced with effect
from 14 April 2016 and will come to an end on 13 April 2017.
2. During his notice period Michael Sharp will receive his
normal annual basic salary, benefits and pension supplement.
3. Michael Sharp will be entitled to participate in and receive
an annual bonus for Financial Year 2015/16 to the extent that
performance conditions are satisfied.
4. The unvested performance share plan awards held by Michael
Sharp (2014: 1,423,611 shares and 2015: 348,339) will continue to
vest under the normal timetable subject to the achievement of
performance conditions. The awards will be pro-rated to reflect
Michael Sharp's service from the respective grant dates to 30
August 2016.
5. Michael Sharp will not participate in the annual bonus scheme
for Financial Year 2016/17 or in any performance share plan awards
made in Financial Year 2016/17.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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