Sign In
2 Jan 2014 07:00
ο»Ώ
Β
Β
2 January 2014
Β
DEBENHAMS PLC: BOARD CHANGE
Β
Debenhams plc announces that Simon Herrick has decided to resign from his role as Chief Financial Officer and as a director of Debenhams plc with immediate effect. He will leave the Company on 7 February 2014.
Β
A search to find Simon's replacement is underway. Neil Kennedy, Director of Finance, will assume the role of Acting Chief Financial Officer on an interim basis.
Β
Michael Sharp, Chief Executive of Debenhams, said: "On behalf of the board, I would like to thank Simon for his hard work and contribution over the past two years. We wish him well in the future."
Β
-Ends-
Β
Β
Enquiries
Analysts and investors
Lisa Williams, Debenhams plc 020 3549 6304, 07973 113819
Β
Media
Simon Sporborg, Brunswick Group 020 7404 5959
Tim Danaher, Brunswick Group 020 7404 5959
Β
Β
Notes to editors
Β
The details of Simon Herrick's current contract are as follows:
Β
Simon Herrick's current service agreement has a notice period of 12 months. He receives an annual salary of Β£410,000, a flexible benefits payment of Β£18,375 per annum and an annual pension contribution of Β£61,500; a total of Β£489,875 per annum. He is also provided with life assurance cover. He will continue to receive these amounts and benefits in 12 monthly instalments commencing 2 January 2014. However, should he receive any payments as a result of alternative employment or provision of services during this period, other than in respect of one non-executive position, subsequent instalments would be reduced by the amount of such payments. The Company will also make a payment of up to Β£10,000 plus VAT in respect of Simon Herrick's legal fees and provide outplacement support.
Β
All unvested awards under the Performance Share Plan will lapse and the Remuneration Committee has not exercised any discretion to preserve these awards.
Β
Follow the stocks
