TIDMDNLM
RNS Number : 2892R
Dunelm Group plc
26 June 2015
26 June 2015
Dunelm Group plc
Board Changes
Dunelm Group plc ("Dunelm"), the UK's leading homewares
retailer, today announces a number of board changes to support its
next phase of growth and development.
-- John Browett will join the board on 1(st) July 2015 as Chief
Executive Designate, and will become Chief Executive Officer on
1(st) January 2016, following a six month induction period working
with Will Adderley, currently CEO;
-- On John's appointment as CEO, Will Adderley will revert to
his former position as Deputy Chairman;
-- William Reeve will join the board on 1(st) July 2015 as a non-executive director;
-- As previously announced, Andy Harrison, a non-executive
director since September 2014, will take over as Chairman on 8(th)
July 2015 following Geoff Cooper's retirement.
John Browett is a world class retail leader, having spent his
early career at Tesco PLC, including appointments as Strategy
Director, CEO of Tesco.com, and Group Operations Development
Director. In 2007 John was appointed CEO at Dixons Retail plc,
followed by his leadership role as Senior Vice President Apple
Retail and Executive Committee member at Apple Inc, and then CEO at
Monsoon. John is a non-executive director of easyJet plc.
William Reeve is a serial entrepreneur and investor. He
co-founded LOVEFiLM.com, where he served in senior leadership roles
including President, MD and COO, until 2008, and has been actively
involved with several leading e-commerce businesses including
Graze.com, Paddy Power PLC, Secret Escapes and Zoopla in various
capacities. William is currently co-CEO of Hubbub.com, an online
grocery business.
Dunelm is well advanced in appointing a successor to David
Stead, CFO who, as previously announced, will retire later this
year. That work will be finalised shortly with the involvement of
our incoming Chief Executive Designate.
Following these appointments, the board will comprise a
chairman, three executive directors and four non-executive
directors, and will retain a strong mix of long-standing and new
directors. The board has also made significant progress in
appointing a further independent non-executive director and an
announcement will be made in due course.
The board has agreed remuneration terms, broadly in line with
current arrangements, for new directors. However, in the next few
weeks we will be consulting shareholders over proposed changes to
performance related pay and seeking approval for a new remuneration
policy at our AGM later this year.
Trading continues to be in line with the Board's expectations. A
formal trading update covering the fourth quarter of the financial
year will be announced, as scheduled, on 9(th) July 2015.
Geoff Cooper, Chairman, said:
"Dunelm has dealt admirably with the challenges brought by its
strong growth, particularly since becoming a public company. It is
a hallmark of Dunelm's approach that it has consistently developed,
in advance, the capabilities necessary to sustain further
progress.
"That approach has equally applied to the composition of the
board, with a high priority given to board and management
succession. Today's announcement reflects the outcome of the
board's work to identify the leadership necessary to support our
next phase of growth.
"In April of this year, we announced that Andy Harrison, already
a non-executive director, will succeed me as chairman. Andy has
been an outstanding CEO of three public companies, including a
major global, consumer focused, FTSE 100 Plc and has vast depth and
breadth of experience available to guide our management team as
Dunelm continues to deliver for shareholders.
"I am delighted to welcome John Browett as our CEO Designate.
John brings an exceptional combination of business leadership
together with outstanding retail skills across a breadth of
sectors, from grocery to electricals and fashion. John also brings
proven experience of applying technology in multi channel
operations, which will help us accelerate our digital plans. As
part of our succession planning work, he was identified as our
preferred CEO candidate some time ago and, somewhat unexpectedly,
only recently became available. Andy and John have worked together
before on the board of easyJet plc, and John has spent considerable
time getting to know Dunelm and the board.
"Will Adderley will remain actively involved in the business,
allowing us to benefit from the combined skills of two of the best
retailers of their generation. Will has, of course, prior
experience working as our Deputy Chairman, focussing his management
responsibilities and using his unique knowledge of both Dunelm and
our sector under the direction of a CEO. In the past this has
involved him spearheading work on people development, product
development and site evaluation and acquisition.
"I am also delighted that William Reeve has agreed to join our
board as a non-executive director. We have long searched for
someone who can operate at board level and who has both an
entrepreneurial mind-set and deep digital experience. William fits
these requirements perfectly.
"The board has approached the challenges of board succession
with considerable rigour. I would like to thank all my colleagues
for their support to me, and the significant time and effort they
have given to the task. I am particularly proud that the Board has
evaluated itself against the demands of the future rather than
resting on the achievements of the past.
"Finally, I will retire from the board next month after nearly
eleven years as Chairman. It has been a great privilege to be
associated with such a special company as Dunelm, created by Bill
and Jean Adderley - I will miss it a lot. However, the future
requires fresh minds, none more so than in the Chairman's seat. I
retire confident that the board has the skills, capabilities and
culture to pursue Dunelm's continued growth."
Will Adderley, CEO, said:
"I am delighted that John and William have chosen to join
Dunelm. We have laid out a clear medium term ambition to grow sales
by 50% to GBP1.5 billion, and to develop the best multi-channel
homewares business in the UK. The appointment of John as our next
CEO is a major step towards realising this ambition."
John Browett said:
"I am excited about joining Dunelm, a business with a strong
track record and excellent growth potential. I look forward to
working with its talented and experienced Board and management team
to deliver its ambitious growth plans".
Ends
For further information, please contact:
Dunelm Group plc 0116 264 9350
Geoff Cooper, Chairman
MHP Communications 020 3128 8100
John Olsen / Simon Hockridge
Additional information:
1. William Reeve was a non-executive Director of Paddy Power PLC
between May 2010 and September 2012.
2. Save as disclosed above, there are no disclosures to be made
pursuant to LR 9.6.13 in relation to either John Browett or William
Reeve.
3. Existing shareholdings of John Browett will be announced on
appointment in accordance with regulatory requirements.
4. In accordance with section 430 (2B) of the Companies Act
2006, Dunelm confirms that Geoff Cooper will continue to receive a
fee for his role on the board up to and including 7 July 2015 at
the rate set out in Dunelm's 2014 Annual Report and Accounts. He
will not receive any payment in lieu of notice or for loss of
office. As a non-executive chairman, Geoff Cooper was not entitled
to participate in the Company's bonus, employee share plans or
pension arrangements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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