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Debenhams plc (DEB)

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Thursday 02 January, 2014

Debenhams plc

Board Change

RNS Number : 6909W
Debenhams plc
02 January 2014
 



 

 

2 January 2014

 

DEBENHAMS PLC: BOARD CHANGE

 

Debenhams plc announces that Simon Herrick has decided to resign from his role as Chief Financial Officer and as a director of Debenhams plc with immediate effect.  He will leave the Company on 7 February 2014.

 

A search to find Simon's replacement is underway.  Neil Kennedy, Director of Finance, will assume the role of Acting Chief Financial Officer on an interim basis.

 

Michael Sharp, Chief Executive of Debenhams, said:  "On behalf of the board, I would like to thank Simon for his hard work and contribution over the past two years.  We wish him well in the future."

 

-Ends-

 

 

Enquiries

Analysts and investors

Lisa Williams, Debenhams plc                                               020 3549 6304, 07973 113819

 

Media

Simon Sporborg, Brunswick Group                                          020 7404 5959

Tim Danaher, Brunswick Group                                              020 7404 5959

 

 

Notes to editors

 

The details of Simon Herrick's current contract are as follows:

 

Simon Herrick's current service agreement has a notice period of 12 months.  He receives an annual salary of £410,000, a flexible benefits payment of £18,375 per annum and an annual pension contribution of £61,500; a total of £489,875 per annum.  He is also provided with life assurance cover.  He will continue to receive these amounts and benefits in 12 monthly instalments commencing 2 January 2014.  However, should he receive any payments as a result of alternative employment or provision of services during this period, other than in respect of one non-executive position, subsequent instalments would be reduced by the amount of such payments.  The Company will also make a payment of up to £10,000 plus VAT in respect of Simon Herrick's legal fees and provide outplacement support.   

 

All unvested awards under the Performance Share Plan will lapse and the Remuneration Committee has not exercised any discretion to preserve these awards.

 


This information is provided by RNS
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