Home Retail chief Duddy ends speculation by stepping down

4th Sep 2013 07:13

The Chief Executive of Argos and Homebase owner Home Retail Group has handed in his notice, ending speculation about his future at the firm. Terry Duddy, who became Chief Executive of Argos in 1989 when it was part of FTSE 100-listed GUS and took the helm of Home Retail in 2006, is due to leave after the next annual general meeting in July 2014. Duddy had dampened some of the speculation about his future when he volunteered to reduce his bonus pay by a third with a three-year deferral, although his pay still rose 41% to £1.56m last year despite the company's 10% fall in profits.Chairman John Coombe stressed that Duddy was leaving the FTSE 250 company with a strong management in place and in a comfortable financial position thanks to its strong cash generation in recent years giving it the financial strength to support the strategic plans at Argos and Homebase. "The group has a strong management team in place and we are delighted that Terry will continue to lead the group as we manage the orderly appointment of his successor." Coombe pointed out that Duddy was one of the longest serving Chief Executives in the industry and that he had "provided strong leadership during one of the toughest periods of economic uncertainty faced by the business". Duddy added that he felt the positive momentum of the business was such that he feel the time is right to move onto the next stage in his career. He said: "We have built a great management team and I look forward to continue working with them during the coming year to progress the exciting strategies that we have established for both businesses."OH