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RNS Number : 5673Q
Halfords Group PLC
13 September 2017
13 September 2017
Halfords Group plc
Appointment of Chief Executive Officer
Halfords Group plc is pleased to announce the appointment of
Graham Stapleton as Chief Executive Officer (CEO) with effect from
15 January 2018.
Graham is currently CEO of Dixons Carphone plc's software
business, Honeybee. Prior to that, Graham was CEO of Dixons
Carphone's Connected World Services Division from 2015-2017 and CEO
of Carphone Warehouse UK & Ireland from 2013-2015.
Until April 2017, Graham was a member of the Dixons Carphone plc
main board having played a major role in 2015 in the merger and
integration of Dixons and Carphone Warehouse. Prior to the merger,
Graham held senior UK and European Commercial and Operational roles
with Carphone Warehouse including that of Managing Director of its
In-Car Solutions division when he joined Carphone Warehouse in
2005.
Graham's earlier career encompassed senior leadership roles in
Kingfisher plc from 2001-2005 and Marks & Spencer plc from
1994-2001, prior to which he set up and ran his own Car Detailing
and Refurbishment business for several years.
We are also pleased to announce the appointment of Jonny Mason
as Interim CEO, in addition to his existing role as Chief Financial
Officer, with effect from 22 September 2017. Jill McDonald, the
current CEO, will leave the Company at the end of September having
resigned on 3 May 2017 to take up a position at Marks & Spencer
plc.
Dennis Millard, Chairman, commented:
"Graham is an outstanding business leader with the retail,
digital, services and category credentials that are an ideal fit
for his role as CEO of Halfords. We set out our "Moving up a Gear"
strategy just under 2 years ago and Graham will continue to drive
its implementation and pursue our service-led, growth strategy. We
are delighted to have recruited Graham who will be able to build on
what we've achieved over the last few years and we all look forward
to working with him."
Graham Stapleton commented:
"Halfords is a business with a 125 year heritage and a market
leading brand that strongly resonates with me and the UK public and
I am delighted to be joining the company. I really look forward to
working with my new colleagues to continue to implement the
service-led strategy and, over time, identify further growth
potential."
Graham is a Trustee of the Make a Wish charity. There is no
further information to be disclosed on Graham Stapleton under
paragraph 9.6.13 of the UK Listing Authority Listing Rules.
Enquiries
Halfords +44 (0) 1527 513 113
Dennis Millard, Chairman
Teneo Blue Rubicon +44 (0) 207 420 3198
Ben Foster, Haya Herbert-Burns, Shona Buchanan
Summary of Graham Stapleton's remuneration
Graham's remuneration package includes an annual basic salary of
GBP535,000 and a pension contribution of 15% of basic salary. Any
maximum annual bonus potential is 150% of salary, prorated to
service for 2017/18. One-third of his annual bonus will be deferred
into Halfords shares for a period of three years.
Graham will be invited to participate in the Company's 2017/18
Performance Share Plan (PSP) when the intention is to make an award
of PSP shares, on joining, of 200% of salary. The vesting of PSP
awards would take place in 2020-2022, subject to the performance
conditions as set out in the Company's 2017 Annual Report being
met. In addition, he will be granted an award of 185,872 shares in
Halfords Group plc on 15 September 2020, subject to him not having
resigned before then. These share-based awards are in lieu of
similar awards made to Graham by Dixons Carphone plc in 2016 and
2017 respectively.
Halfords will also compensate Graham for the balance of an
existing, after tax, cash entitlement of GBP368,677 under the 2013
Carphone Warehouse scheme that has already vested, but was subject
to his retention; however, any such cash compensation paid by
Halfords will be subject to a clawback in full should he resign
before July 2021. In addition, a contribution, when determined,
will be made towards his annual bonus, if due, for the period up to
his date of leaving Dixons Carphone.
Graham's employment notice period is six months on either side
and his other benefits, which are consistent with his role, include
the reimbursement of certain, capped costs should he re-locate
within 2 years of joining.
Variation in Jonny Mason's remuneration
For the period during which Jonny Mason is Interim CEO, his
annual base salary will be increased from the current level of
GBP357,500 to GBP500,000, to which bonus and pension will be
applied for that period.
The above remuneration arrangements for both are compliant with
the Group's Remuneration Policy that was approved by shareholders
in July 2017. Full details of Graham and Jonny's remuneration
arrangements will be disclosed in the Annual Report and Accounts
for the 52 weeks ending 30 March 2018.
Notes to Editors
Halfords is the UK's leading retailer of motoring, cycling and
leisure products and, through Halfords Autocentres, is also one of
the UK's leading independent operators in vehicle servicing,
maintenance and repairs. Customers shop at 460 Halfords stores and
17 Cycle Republic shops in the UK and Republic of Ireland and at
halfords.com or cyclerepublic.com for pick-up at their local store
or direct home delivery. Halfords Autocentres operates from 315
sites nationally and offers motorists high-quality MOTs, repairs
and car servicing at affordable prices. Customers can also shop at
three Tredz stores and a Giant store in South Wales as well as
online at tredz.co.uk and wheelies.co.uk for cycling products and
direct home delivery.
Halfords employs approximately 10,000 colleagues and sells
around 9,000 product lines in its Retail stores, increasing to
around 165,000 Retail products online. The Retail offering
encompasses significant ranges in car parts, cycling products,
in-car technology, child seats, roof boxes and camping equipment.
Halfords' key own cycling brands in-stores include Apollo, Carrera,
Boardman, Pendleton and Wiggins, augmented by a range of other
brands of cycles and accessories, including Voodoo and Raleigh and,
through Tredz, a wide range of premium brands including Giant,
Specialized, Cannondale, Cube and Scott. In Motoring, the Halfords
Essentials and Halfords Advanced ranges are sold alongside brands
such as General Electric, Bosch, Garmin, TomTom, Karcher, Thule and
Autoglym. Halfords offers more than 30 in-store services including
a fitting service called 'wefit' for car parts, child seats,
satellite navigation and in-car entertainment systems, and a
'werepair' service for cycles.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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