Home Retail Group has announced that its chief executive, Terry Duddy, has informed the board of his intention to step down from his role by the next AGM on 2nd July 2014. The search for his successor will be led by the group’s chairman John Coombe, and will include both internal and external candidates.
John says: “Terry is one of the longest-serving chief executives in the industry and he has provided strong leadership during one of the toughest periods of economic uncertainty faced by the business. As a result of the group’s exceptional cash generation in recent years, we have the financial strength to support both Argos and Homebase in delivering their strategic plans. The group has a strong management team in place and we are delighted that Terry will continue to lead the group as we manage the orderly appointment of his successor.”
Terry adds: “It has been a great privilege to lead this group for 15 years, including the last seven as the chief executive of Home Retail Group plc. We have achieved a great deal in that time and the positive momentum of the business is now such that I feel the time is right to move onto the next stage in my career. We have built a great management team and I look forward to continue working with them during the coming year to progress the exciting strategies that we have established for both businesses.”