2 Jan 2014 07:00
2 January 2014
DEBENHAMS PLC: BOARD CHANGE
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.
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.
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."
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Enquiries
Analysts and investors
Lisa Williams, Debenhams plc 020 3549 6304, 07973 113819
Media
Simon Sporborg, Brunswick Group 020 7404 5959
Tim Danaher, Brunswick Group 020 7404 5959
Notes to editors
The details of Simon Herrick's current contract are as follows:
Simon Herrick's current service agreement has a notice period of 12 months. He receives an annual salary of £410,000, a flexible benefits payment of £18,375 per annum and an annual pension contribution of £61,500; a total of £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 £10,000 plus VAT in respect of Simon Herrick's legal fees and provide outplacement support.
All unvested awards under the Performance Share Plan will lapse and the Remuneration Committee has not exercised any discretion to preserve these awards.