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Board and Senior Management changes
RNS Number : 1024Q
Debenhams plc
07 September 2017
 

BOARD & SENIOR MANAGEMENT CHANGES

7th 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 20th 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 20th 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 £30,000 in respect of her statutory rights in connection with her departure. She will also receive outplacement support in the amount of £54,000 (inclusive of VAT), and up to £15,000 (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 20th 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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