Dunelm Group plc Directorate Change (2323P)

TIDMDNLM

RNS Number : 2323P

Dunelm Group plc

30 August 2017

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 1(st) July 2017 on 13(th) September, which will be in line with the trading update issued on 7(th) 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    [e-mail] 
  Bell 
 

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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

BOALLFIATVIAFID

(END) Dow Jones Newswires

August 30, 2017 02:00 ET (06:00 GMT)