14 Apr 2016 07:01
CHIEF EXECUTIVE CONFIRMS LEAVING ARRANGEMENTS 14 April 2016
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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."
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Debenhams plc Katharine Wynne 020 3549 6304
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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.