Carpetright: Lord Harris relinquishes Chief Exec role

Carpetright plc (“Carpetright” or the “Company”) is pleased to announce that Darren Shapland, currently a non-executive director, will be taking over from Lord Harris of Peckham as Chief Executive with effect from 14 May 2012 (Note 1).

Lord Harris will remain as Chairman of the Company.

The Company also announces that Baroness Noakes, Carpetright’s senior independent director, will also assume the role of Deputy Chairman with effect from 14 May 2012.

Claire Balmforth and Andy Corden, currently Executive Directors, will retain their full executive responsibilities for the UK and European businesses respectively, but have stood down from the Board with immediate effect. The sole reason for them stepping down is to retain an appropriate balance between executive and non-executive directors on the Board for corporate governance purposes. The Board will now comprise a Chairman, three executive directors and four non-executive directors, all of whom are regarded by the Board as independent (Note 2).

Lord Harris said: “I am delighted that Darren has agreed to become Chief Executive of Carpetright. He was an outstanding Finance Director of the Group from 2002 to 2005 and knows our business well. Since leaving Carpetright he has had extensive experience at J Sainsbury plc, first as Finance Director and then as Group Development Director. I am confident he will make a huge contribution to the future of the business. I am also pleased that Baroness Noakes has agreed to stay on the Board as Deputy Chairman in order to assist the Board with the transition of roles and responsibilities. I would also like to thank both Claire and Andy for their valuable contribution to the Board over the last year.”

Baroness Noakes said: “The non-executive directors have been discussing the Chief Executive succession with Lord Harris for some time and are very pleased that Darren has agreed to take on the role. Lord Harris has been in the carpet business for over 50 years and he has built Carpetright from scratch since 1988. He is a hard act to follow and the Board is also pleased that he will stay with the Company as Chairman.”

Darren Shapland said: "I am delighted to be appointed as Chief Executive of the Carpetright business and I am looking forward to working with Lord Harris and the team in the future development of the business."

Notes:

Darren Shapland will cease to be a member of the Remuneration Committee on 14 May 2012

With effect from 14th May 2012 the Board will comprise Lord Harris (Chairman), Baroness Noakes (Deputy Chairman, and Senior Independent Director), David Clifford (Non-executive director), Alan Dickinson (Non-executive director), Sandra Turner (Non-executive director), Darren Shapland (Chief Executive), Neil Page (Group Finance Director) and Martin Harris (Group Commercial Director).

Source : Carpetright Plc
www.carpetright.plc.uk/press/archive/2012-carpetright-plc-board-succession-plans