Debenhams plc Board and Senior Management changes (1024Q)

TIDMDEB

RNS Number : 1024Q

Debenhams plc

07 September 2017

 
BOARD & SENIOR MANAGEMENT CHANGES 
 7(th) September 2017 
 
                                              DEBENHAMS PLC 
 
                                   Board and Senior Management changes 
 
        Debenhams plc announces today that Suzanne Harlow, Group Trading Director, will step down 
     from the Board and intends to explore new opportunities elsewhere. She will leave the business 
                                         on 20(th) October 2017. 
   The Group is going through a period of rapid transformation to deliver its new strategy, Debenhams 
      Redesigned. In order to support the delivery of this strategy, the business is creating three 
        new business units: Fashion and Home; Beauty and Beauty Services; and Food and Events. As 
      a result of this the main board role of the Group Trading Director will no longer exist. Each 
     business unit will be led by a member of the Executive Committee. Going forward, the Executive 
      Committee will consist of the CEO, Sergio Bucher, and the CFO, Matt Smith, together with the 
       following members: Ross Clemmow (Retail Director); Richard Cristofoli (Marketing Director); 
      David Smith (International Director); Angela Morrison (Technology and Supply Chain Director) 
                                    and Sally Hyndman (HR Director). 
      A new Executive Committee member responsible for Fashion and Home is expected to be appointed 
       in due course. In the interim period responsibility for this division will be taken by the 
                                                  CEO. 
 
                                      CEO Sergio Bucher commented:- 
       "I would like to thank Suzanne personally for her support since my arrival at Debenhams in 
      October last year. She has done an excellent job since she joined Debenhams in 1994 and over 
     the last eight years as Group Trading Director has driven growth in categories such as Beauty, 
      Accessories, Food and Gift. We have strengthened the management team over the last 12 months 
    and now have a structure in place to support our ambition to become a leader in Social Shopping." 
 
                                 Sir Ian Cheshire, Chairman, commented:- 
       "On behalf of the Board, I would like to thank Suzanne for her significant contribution to 
   Debenhams over the last 23 years. She has proved herself a consummate professional and I personally 
        would like to thank her particularly for her help and support to the business through the 
               period of leadership transition. We wish her every success in the future." 
 
                                                - Ends - 
 
                                                Enquiries 
 
                                         Analysts and Investors 
                                              Debenhams plc 
                      Katharine Wynne, Director of Investor Relations 020 3549 6304 
 
                                                  Media 
                                             Brunswick Group 
                                Simon Sporborg, Helen Smith 020 7404 5959 
 
                                            Notes to editors 
       Debenhams is a leading international, department store group 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. 
 
SUZANNE HARLOW 
 

The following information is provided in accordance with section 430(2B) of the Companies Act 2006.

Suzanne Harlow's remuneration terms will be in line with her service agreement and the Group's Executive Remuneration Policy as approved by shareholders in December 2014. Full details of the Policy are available on www.debenhamsplc.com.

1. Suzanne Harlow's employment will terminate on 20(th) October 2017 and she will be made a payment in lieu of notice comprising 12 months' salary and benefits.

2. Suzanne Harlow will also be paid GBP30,000 in respect of her statutory rights in connection with her departure. She will also receive outplacement support in the amount of GBP54,000 (inclusive of VAT), and up to GBP15,000 (plus VAT) in respect of legal fees incurred in connection with her departure.

3. Suzanne Harlow will be entitled to participate in and receive an annual bonus at the normal time for Financial Year 2016/17 to the extent that performance conditions are satisfied.

4. The unvested performance share plan awards held by Suzanne Harlow (2014: 925,925 shares, 2015: 566,406 shares and 2017: 834,872shares) will continue to vest under the normal timetable subject to the achievement of performance conditions. The awards will be pro-rated to reflect Suzanne Harlow's service from the respective grant dates to 20(th) October 2017.

5. Suzanne Harlow will not participate in the annual bonus scheme for Financial Year 2017/18 or in any performance share plan awards made in Financial Year 2017/18.

This information is provided by RNS

The company news service from the London Stock Exchange

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September 07, 2017 06:37 ET (10:37 GMT)