The long-standing Chairman of Argos and Homebase owner Home Retail Group (HRG) is to step down at its upcoming AGM and will be replaced with a senior independent director.
A statement from the struggling retailer said Oliver Stocken, who has been with HRG for the last 12 years, has taken the decision to retire from the board on 4 July at the AGM. "We are extremely grateful to Oliver for the significant contribution that he has made to our businesses over many years. He has been exemplary in his leadership of the Home Retail Group board and an outstanding ambassador for the company," said Chief Executive Terry Duddy.
John Coombe, currently the Chairman of the audit committee and a board member for HSBC and Hogg Robinson, is to step in to Stocken’s shoes.
HRG said that as a result of Coombe’s appointment, other board changes will be made as follows: Mike Darcey, the Chief Operating Officer of BSkyB, will become a senior independent director; Capital & Counties's Chairman Ian Durant will become the Chairman of the audit committee; while Cath Keers, a director of Telefonica O2 Europe, will become the Chairman of the remuneration committee.
Earlier this month, it was announced that like-for-like sales at Argos and Home Retail had fallen 8.9% and 2%, respectively, in the 52 weeks to 25 February as weak consumer spending continued to hit the non-food retail sector.
NamNews - Thursday 29th March 2012