Last checked at 30 Aug 2017 07:00
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 1st July 2017 on 13th September, which will be in line with the trading update issued on 7th 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 Bell | dunelm@mhpc.com |
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.