Last checked at 16 Sep 2010 07:00
16 September 2010
Dunelm Group plc
Board Changes
Will Adderley to become Executive Deputy Chairman
Nick Wharton to become Chief Executive
Dunelm Group Plc ("Dunelm" or the "Group"), the UK's leading specialist homewares retailer, today announces the following Board changes.
After almost 15 years as Dunelm's Chief Executive, Will Adderley has decided to relinquish that role from February 2011, when he will assume the new role of Executive Deputy Chairman, a full-time Board position. In this new role, Will will be able to focus on specific aspects of the Group where he has unique expertise and experience, under the direction of the newly appointed Chief Executive.
Nick Wharton will assume the role of Chief Executive Designate with effect from 1 December 2010, and will take over as Chief Executive after the announcement of the Group's interim results in February 2011. Nick is currently Group Finance Director of Halfords Group plc and has been a non-executive director of Dunelm since August 2009.
The proposed changes are a reflection of the Board's desire to enhance and expand the executive management of the Group as it embarks on the next important phase of its development. They also reflect Will's desire to spend more time on those elements of the business where he and the Board believe he can add the greatest value, in particular Dunelm's customer offer, merchandise, and the key role played by its culture and people.
The Board intends to appoint a new non-executive Director to replace Nick Wharton in due course.
Geoff Cooper, Chairman, said:
"The changes announced today represent the culmination of a detailed review by the Board, over many months, of the executive management resources required to maintain the pace of development through the next phase of our exciting growth plan. This review was instigated at Will's request and has involved a thorough and formal recruitment process, including benchmarking of external candidates, by an executive search firm.
"In his new role as Executive Deputy Chairman, Will will be able to dedicate all his time and energy to aspects of the business which he is passionate about and where he has a unique level of insight and experience. At the same time, we are bringing increased strength in depth to the executive management team through the appointment of a new Chief Executive.
"Nick will be a worthy successor to Will. As well as being a hugely experienced retailer he already has a good understanding of Dunelm's business and, most importantly, of our business philosophy and values. He will maintain the drive and sense of purpose which Dunelm has been used to under Will's leadership. Through his time as a non-executive director, he has built strong relationships with both Will and David Stead, our Finance Director, and we are absolutely confident that the new team will combine to take Dunelm forward to further success.
"The whole process typifies the foresight and objectivity shown both by Will, and by Bill and Jean Adderley before him, in considering the long term interests of Dunelm and all its shareholders."
Will Adderley, Chief Executive, said:
"I am delighted that we have been able to attract somebody with Nick's talent and energy to become our next Chief Executive. He is a great addition to the Dunelm team and I very much look forward to working with him.
"I have been privileged to run Dunelm over the last 15 years and I feel invigorated by my forthcoming new role which will allow me to spend much more time on the areas where I believe that I can add the most value.
"As the Group's largest shareholders, my family remain totally committed, both emotionally and financially, to Dunelm for the long term and we are as excited as ever about the next phase of its development which will take place under Nick's leadership. We are convinced that these changes will underpin the long term development and success of the Group."
Nick Wharton said:
"From my time as a non-executive director, it is clear that Dunelm is an excellent business with a unique culture and a clear and exciting growth strategy. I am delighted to have the opportunity to become the Group's third Chief Executive and I look forward to working closely with Will, David and the rest of the team to continue to build Dunelm's long term future."
- Ends -
Note: A separate Regulatory News Service announcement has been made at 0700hrs today containing Dunelm's preliminary results for the 52 weeks to 3 July 2010.
For further information, please contact:
Dunelm Group plc 0116 2644 356
Geoff Cooper, Chairman
Will Adderley, Chief Executive
Hogarth
John Olsen 020 7357 9477
Notes to editors:
Nick Wharton
Nick Wharton, 44, is currently Group Finance Director of Halfords Group plc. From February to August 2008, he was also Acting Joint Managing Director of Halfords Group plc. Prior to becoming Finance Director, as Business Development Director, he had responsibilities including format, multichannel and international development. While at Halfords he has also held board level responsibility for Property, Human Resources and Information Systems.
Earlier in his career Nick held senior financial and general management positions across a number of retail and consumer goods companies, including Boots Opticians, Boots Healthcare International, Cadbury Schweppes and Do it All.
Nick is a Chartered Accountant and has been a non-executive director at Dunelm since August 2009.
Dunelm Group Plc
Dunelm is the UK's leading specialist out of town homewares retailer, operating in the £12bn homewares market. The Group currently operates 106 stores, branded Dunelm Mill, of which 96 are out-of-town superstores and 10 are high street shops. Dunelm employs over 6,000 full and part time staff, the vast majority of whom work in the stores.
Dunelm was founded by the Adderley family in 1979 as a market stall business, selling ready-made curtains. The first shop was opened in Leicester in 1984 and over the following years the business developed into a successful chain of high street shops in the Midlands specialising in soft furnishings. The first Dunelm superstore was opened in 1991, leading to the Group's expansion into the broader homewares market.
The superstores provide an average of 30,000 sq ft of selling space and offer an extensive range of around 20,000 products across a broad spectrum of categories, including bedding, ready made curtains, gifts and seasonal items, cushions, bathroom products, kitchenware, quilts, pillows and rugs. Dunelm also specialises in offering a wide range of fabrics, made to measure curtains and a frequently changing series of special buys. The directors are passionate about ensuring that all ranges live up to Dunelm's philosophy of offering customers "Simply Value for Money".
Dunelm also operates an on-line store, to be found at www.dunelm-mill.com.
Dunelm listed on the London Stock Exchange in October 2006 (DNLM.L) and has a current market capitalisation of over £750 million.