Appointment of Chief Financial Officer

Appointment of Chief Financial Officer

22 August 2018

DEBENHAMS PLC

BOARD APPOINTMENT

Debenhams plc announces that it has today appointed Rachel Osborne as Chief Financial Officer. Rachel was formerly CFO of Domino's Pizza Group plc and has a strong retail background with previous roles at both John Lewis plc and Kingfisher plc. She will join Debenhams on 17 September 2018.

Her predecessor, Matt Smith, informed the board of his intention to leave Debenhams plc on 19 April 2018 and will leave the Group on 31 August 2018. 

Sergio Bucher, CEO of Debenhams, said:

"I am looking forward to working with Rachel. She has deep experience across a variety of retail and customer-facing businesses and her commercial expertise will be invaluable as we build a strong financial foundation to underpin the transformation of Debenhams."

Rachel Osborne said:

"I am delighted to be joining Debenhams. This is a challenging time for UK retail but Debenhams has a strong heritage, leading market positions and a credible plan for its future. I look forward to being part of the team delivering the transformation." 

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Enquiries

Analysts and Investors

Debenhams plc

Katharine Wynne, Director of Investor Relations 020 3549 6304

Media

Brunswick Group

Tim Danaher, Helen Smith 020 7404 5959

Statutory and Other Disclosures

Rachel Osborne was previously a Director of Domino's Pizza Group plc and is currently a non- executive director of Dunelm Group plc. There are no details to disclose in respect of paragraph 9.6.13 R(2)to(6) of the Listing Rules.

Rachel Osborne's service contract remuneration and benefits on appointment will be consistent with the Debenhams Directors' Remuneration Policy approved by shareholders at the Annual General Meeting held on 11th January 2018. The summary of the key terms is provided here and further detail will be set out in the Company's first Remuneration Report following her appointment.

Her basic salary will be £439,000. Her maximum level of variable remuneration will be 200% of basic salary. She will participate in the Debenhams Executive Directors' Bonus Scheme with a maximum bonus opportunity of 100% of basic salary. The bonus will be pro-rated to reflect actual service during the year. Bonus targets and parameters are set each year by the Remuneration Committee. In addition, she will receive an award under the Debenhams Performance Share Plan to the value of 100% of basic salary in the grant window that follows her date of joining.

A pension provision of 15% of basic salary will be provided. She will also receive a car allowance of £17,850 and private medical insurance.

The service contract requires 12 months' notice of termination by her and 12 months by the Company. The Company may also terminate her employment by making a payment in lieu of notice ('PILON') equivalent to the value of basic salary and contractual benefits (excluding bonus) in respect of any unserved period of notice. The service contract contains specific provisions enabling, at the Remuneration Committee's discretion, a reduction in any PILON payments in the event that she finds alternative employment during the notice period.