TIDMDEB

RNS Number : 1365V

Debenhams plc

14 April 2016

 
CHIEF EXECUTIVE CONFIRMS LEAVING ARRANGEMENTS 
 14 April 2016 
 
                                            DEBENHAMS PLC 
 
               Debenhams announces that Michael Sharp has confirmed plans to step down 
 
      As announced in October 2015, Michael Sharp will step down as Chief Executive of Debenhams 
      this year and has today submitted his resignation to the Board. The process to appoint his 
   successor is well advanced and details will be communicated in due course. As previously agreed, 
    Michael will continue as Chief Executive until his successor is confirmed to ensure an orderly 
                                         and smooth handover. 
 
                                      Michael Sharp commented:- 
 
  "It has been a privilege to lead Debenhams and I am very proud of our achievements since September 
      2011. I believe Debenhams is now capable of competing in the ever changing and challenging 
     world of multi-channel retailing. We have a strong and talented management team and I would 
  like to thank them and our 30,000 colleagues for their continuing support, hard work and passion." 
 
                               Sir Ian Cheshire, Chairman, commented:- 
 
      "On behalf of the Board, I would like to thank Michael for his service as Chief Executive 
   of Debenhams. He has led the business through an unprecedented period of change for the sector, 
  leaving the business in good shape for the future as today's results demonstrate. The foundations 
                             to deliver sustainable growth are in place." 
 
                                               - Ends - 
 
 
                                              Enquiries 
 
                                        Analysts and Investors 
 
                                            Debenhams plc 
                                    Katharine Wynne 020 3549 6304 
 
                                                Media 
 
                                           Brunswick Group 
                         Simon Sporborg, Jon Drage, Helen Smith 020 7404 5959 
 
 
                                           Notes to editors 
    Debenhams is a leading international, multi-channel brand 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. 
                                            Michael Sharp:

The following information is provided in accordance with section 430(2B) of the Companies Act 2006.

Michael Sharp's remuneration terms will be in line with his service agreement and the Group's Executive Remuneration Policy as approved by shareholders in December 2014. Full details of the Policy are in the 2015 annual report, available on www.debenhamsplc.com.

1. Michael Sharp's 12 month notice period commenced with effect from 14 April 2016 and will come to an end on 13 April 2017.

2. During his notice period Michael Sharp will receive his normal annual basic salary, benefits and pension supplement.

3. Michael Sharp will be entitled to participate in and receive an annual bonus for Financial Year 2015/16 to the extent that performance conditions are satisfied.

4. The unvested performance share plan awards held by Michael Sharp (2014: 1,423,611 shares and 2015: 348,339) will continue to vest under the normal timetable subject to the achievement of performance conditions. The awards will be pro-rated to reflect Michael Sharp's service from the respective grant dates to 30 August 2016.

5. Michael Sharp will not participate in the annual bonus scheme for Financial Year 2016/17 or in any performance share plan awards made in Financial Year 2016/17.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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April 14, 2016 02:01 ET (06:01 GMT)

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