Dunelm Group plc Directorate Change (2323P)
August 30 2017 - 2:00AM
UK Regulatory
TIDMDNLM
RNS Number : 2323P
Dunelm Group plc
30 August 2017
30 August 2017
Dunelm Group plc
Directorate Change
Dunelm Group plc ("Dunelm" or "the Group"), the UK's leading
homewares retailer, announces that John Browett will be stepping
down as Chief Executive for personal reasons, with immediate
effect. Dunelm has made good progress over the last two years
during John's tenure, however the next phase of growth requires
different leadership.
Andy Harrison, Chairman, said:
"I would like to thank John for his contribution to the business
and the strategic progress made under his leadership, most notably
the exciting acquisition of Worldstores.
"We will immediately start a search for John's replacement and,
in the meantime, I will provide interim executive leadership,
supported by Will Adderley, our Deputy Chairman, and Keith Down,
our CFO.
"Dunelm remains the market leader in homewares and we have
ambitious and profitable growth plans to continue building the UK's
biggest and best multi-channel homewares retailer. We have a strong
executive team in place to make this happen, and the Board remains
confident in the Group's future prospects."
John Browett said:
"I am pleased to have led the development of Dunelm over the
last few years and feel that we have achieved much in a challenging
retail environment. It is, however, time to move onto a new
challenge, and I am looking forward to the next chapter of my
career."
The Group will announce results for the financial year ended
1(st) July 2017 on 13(th) September, which will be in line with the
trading update issued on 7(th) July. Trading in the first two
months of the new financial year has started positively, with an
encouraging like-for-like sales performance.
Ends.
Media enquiries:
Dunelm Group plc 0203 128 8100
(via MHP)
Andy Harrison, Chairman
Keith Down, Chief Financial
Officer
MHP Communications 020 3128 8100
Tim Rowntree/Simon Hockridge/Gina dunelm@mhpc.com
Bell
NOTE 1
Details of Mr Browett's severance terms are still to be
finalised, and these will be posted on the Dunelm website once
agreed in final form. In accordance with our agreed Remuneration
Policy, termination payments will cover contractual entitlements
which amount to 6 months' base salary plus pension and benefits,
which may be subject to mitigation. Our Policy requires any
performance pay awarded (bonus and awards under the Long Term
Incentive Plan) to be subject to performance conditions and to be
pro-rated according to time served. The Committee has discretion to
accelerate payments or vest greater amounts if it believes this is
appropriate and justifiable.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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