Last checked at 19 Jul 2012 07:00
Director Change
19 July 2012
Halfords announces David Wild to step down as CEO
Halfords Group plc ("Halfords") announces that David Wild, Chief Executive Officer, has agreed to leave the Board of Halfords and will cease to be employed as Chief Executive with immediate effect. The Board has commenced a search for his successor.
In the intervening period, the Board has asked Dennis Millard, non-executive Chairman, to become interim Executive Chairman with immediate effect. Dennis will continue to act in this executive role until a successor has been appointed. It is envisaged that this process could take a number of months, following which Dennis will revert to the role of non-executive Chairman.
Dennis will chair Halfords' Executive Committee pending the appointment of a new CEO, assisted by his Board colleagues Andrew Findlay, Finance Director, and Paul McClenaghan, Commercial Director, and the business will continue to be managed by the established leadership team.
Commenting, Dennis Millard said: "The Board and I would like to thank David for his efforts and strategic insight over the past four years. Halfords is a strong business with a clear strategy and leading positions in a number of large and attractive retail and service markets. After careful deliberation, it is felt that now is the right time for a change of leadership in the Group to enable it to implement that strategy and maximise the opportunities that lie ahead."
David Wild said: "I have enjoyed my time at Halfords and feel we have accomplished a great deal during my tenure as CEO. Now that we have developed the overall strategy that will guide the future of the business over the coming years I feel it is the appropriate time to step down and seek fresh challenges elsewhere."
As a result of his stepping down from the Board, David Wild will not be proposed for re-election as a director at Halfords' Annual General Meeting on 31 July 2012.
Enquiries:
Halfords +44 (0) 1527 513 113
Dennis Millard, Chairman
Andrew Findlay, Finance Director
Craig Marks, Head of Investor Relations
Maitland +44 (0) 207 379 5151
Neil Bennett
Tom Buchanan
Notes to Editors
The details of David Wild's current contract are as follows:
His current Service Agreement has a notice period of 12 months. He receives an annual salary of £517,650 together with the provision of a company car, life and medical insurance benefits worth a total of £50,101 per annum and an annual pension contribution of £77,648; a total of £645,399 per annum. This will be paid in 12 monthly instalments and should he receive any payments as a result of alternative employment or provision of his services during this period, he has a duty to mitigate and therefore subsequent instalments would be reduced by the amount of such payments.
All unvested awards under the performance share plan lapse upon the termination of employment and the Board has not exercised any discretion to preserve these awards.
About Halfords Group plc
Halfords is the UK's leading retailer of automotive and leisure products and through Halfords Autocentres, also one of the UK's leading independent car servicing and repair operator. Halfords customers shop at more than 460 stores in the UK and Republic of Ireland and at halfords.com for collection at their local store or direct home delivery. Halfords Autocentres operates from more than 260 sites nationally and offers motorists dealership-quality MOTs, repairs and car servicing at affordable prices.
Halfords employs approximately 12,000 staff and sells around 10,000 different product lines in stores, increasing to around 16,000 lines at Halfords.com. The product offering encompasses significant ranges in car parts, cycles, in-car technology, child seats, roof boxes, outdoor leisure and camping equipment. Halfords own brands include the in-store Bikehut department, for cycles and cycling accessories, Apollo and Carrera cycles and exclusive UK distribution rights of the premium ranged Boardman cycles and accessories. In outdoor leisure, we sell a premium range of camping equipment, branded URBAN Escape. Halfords offers expert advice and a fitting service called "wefit" for car parts, child seats, satellite navigation and in-car entertainment systems, and a "werepair" service for cycles.