Home Retail Group plc has announced that John Walden, its chief executive, will be stepping down from his leadership role of the Group and its principal business, Argos, upon completion of the proposed acquisition of the Group by J Sainsbury plc (“Sainsbury’s”). The transaction is currently expected to complete in the third quarter of this calendar year subject to both shareholder and regulatory approvals.
John joined the Group in February 2012, initially as Managing Director of Argos. He was subsequently promoted to Chief Executive of the Group in March 2014.
John Walden, Chief Executive said: “I believe the acquisition of the Group by Sainsbury’s is in the best interests of our customers, colleagues and shareholders. However, this impending transaction, together with the recent sale of the Homebase business, presents the opportunity for me to reassess the next stage in my career. I have huge affection for both Argos and the Group, so it is with mixed emotions that I will be stepping down from my role to pursue new career opportunities once the acquisition completes. I am tremendously proud of the scale of the transformation that we have delivered over the past four years. Since the introduction of the Argos Transformation Plan in 2012, with an ambition to reinvent the company as a digital retail leader, Argos has quickly built market-leading digital capabilities and a more innovative culture, and repositioned itself for an exciting future”.
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