Debenhams plc Board and Senior Management changes (1024Q)
September 07 2017 - 5:37AM
UK Regulatory
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
END
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