The long-standing Chairman of Argos and Homebase owner Home Retail is to step down at the upcoming annual general meeting (AGM) and will be replaced with a senior independent director.
Oliver Stocken, who has been with Home Retail for the last 12 years, has taken the decision to retire from the board on July 4th 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.
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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.
Shares were down 1.32% at 112.1p by 08:18 on Thursday.
Other board changes are 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 02 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 February 25th.
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