REG - DFS Furniture PLC - Directorate Change

DFS FurnitureAnnouncement

17/10/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241017:nRSQ4842Ia&default-theme=true

RNS Number : 4842I  DFS Furniture PLC  17 October 2024

 

 

 

 

17 October 2024
 
 

 

DFS Furniture plc

 

Directorate change

 

DFS Furniture plc (the "Group"), the market leading retailer of living room
and upholstered furniture in the United Kingdom, announces that John Fallon
has informed the Board of his intention not to stand for re-election at the
Company's AGM on 22 November 2024 and to step down from the Board at the end
of that meeting.

 

The DFS Group has started an external search for John Fallon's replacement.
John, who joined the Group in November 2022, will remain with the Group as the
Chief Financial Officer, throughout the remainder of the first half period, to
ensure an orderly hand over, before leaving the business in mid-January 2025.

 

Steve Johnson, Chair, commented:

 

"I'd like to express our thanks to John for his contribution as CFO.  During
his time with us, he has helped navigate the DFS Group through a challenging
period and leaves a resilient business, well placed to grow. He has been an
asset to the Board and we wish him all the best as he considers his next
executive role."

 

Tim Stacey, Group Chief Executive, said

 

"John has made an important contribution over the past two years - and will
leave the DFS Group in a strong position.  I've appreciated his support and
input as we have navigated some challenging macro-economic times and wish him
great success in the next step of his career.

 

John Fallon, Chief Financial Officer, added:

 

"The DFS Group is a great business, with many exciting opportunities ahead -
and I am sure that the business will make the most of those opportunities in
the years ahead.  I've enjoyed my time with the Group but now is the right
time to start thinking about my next executive role.  In the meantime, I am
looking forward to continuing to work with the team through the Christmas
trading period."

 

This announcement is made in accordance with LR 6.4.6.

 

Details of the remuneration arrangements in relation to John's departure will
be published on the Company's website as required by Section 430(2B) of the
Companies Act 2006 and included in the Directors' Remuneration Report for the
year ending June 2025.  In respect of his variable remuneration arrangements,
John will remain eligible to be considered for a bonus for the period of FY25
for which he serves as CFO, subject to performance and with any bonus to be
determined and paid at the normal time.  John will not be granted any further
awards under the Company's performance-based Long Term Incentive Plan, and
outstanding Long Term Incentive Plan awards will lapse upon his cessation of
employment.

 

 Enquiries:
 DFS Furniture PLC                     Teneo

 Liz McDonald                          James Macey-White

 Group Counsel and Company Secretary   Ayo Sangobowale

 liz.mcdonald@dfs.co.uk                Victoria Boxall

                                       +44 (0)20 7353 4200

                                       85fs.dfs@teneo.com

 

About DFS Furniture plc

The Group is the clear market-leading retailer of living room furniture in the
United Kingdom. Our Group purpose is to bring great design and comfort into
every living room, in an affordable, responsible and sustainable manner. We
operate an integrated physical and digital retail network of living room
furniture showrooms and web sites in the United Kingdom, Republic of Ireland,
trading through our leading brands, DFS and, Sofology and Dwell. We attract
customers through our targeted and national marketing activities and our
reputation for high quality products and service, breadth of product offer and
favourable consumer financing options. We fulfil orders for our exclusive
product ranges through our own three UK finished goods factories, and through
manufacturing partners located in the UK, Europe and Far East, and delivered
with care through our expert final-mile delivery service "The Sofa Delivery
Company Limited".

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOAEQLFFZBLZFBB