Succesion planning announcement

RNS Number : 1613N

Home Retail Group Plc

04 September 2013

 



4 September 2013

Home Retail Group plc

Succession planning announcement

Home Retail Group, the UK's leading home and general merchandise retailer, today announces that Terry Duddy, Chief Executive, has informed the Board of his intention to step down from his role by the next AGM on 2^nd July 2014.  The search for his successor will be led by the Group's Chairman John Coombe, and will include both internal and external candidates. 

John Coombe, Chairman of Home Retail Group said:

"Terry is one of the longest serving Chief Executives in the industry and he has provided strong leadership during one of the toughest periods of economic uncertainty faced by the business.  As a result of the Group's exceptional cash generation in recent years, we have the financial strength to support both Argos and Homebase in delivering their strategic plans.  The Group has a strong management team in place and we are delighted that Terry will continue to lead the Group as we manage the orderly appointment of his successor."   

Terry Duddy, Chief Executive said:

"It has been a great privilege to lead this group for 15 years, including the last seven as the Chief Executive of Home Retail Group plc.  We have achieved a great deal in that time and the positive momentum of the business is now such that I feel the time is right to move onto the next stage in my career.  We have built a great management team and I look forward to continue working with them during the coming year to progress the exciting strategies that we have established for both businesses."

Enquiries

Analysts and investors (Home Retail Group)

Richard Ashton       Finance Director                          01908 600291

Mark Willis             Director of Investor Relations

Media

Rollo Head             RLM Finsbury                               020 7251 3801

Chris Wermann      Director of Corporate Affairs        07718 327107

Home Retail Group will announce details of trading for the 13 weeks from 2 June 2013 to 31 August 2013 on Thursday 12 September 2013, and its half-year results on Wednesday 23 October 2013.

Certain statements made in this announcement are forward looking statements.  Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results referred to in these forward looking statements.

 

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