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1 February 2013
Darty plc - Appointment of new Chief Executive
Darty plc today announces the appointment of Régis Schultz as its new Chief Executive from 1 May 2013.
Régis joins from BUT, the French furniture and electrical retailer, where he has been Chief Executive since 2008. During his time at BUT Régis has led a major renewal of the product offer and store formats, delivering both market share and profit improvement in a difficult trading environment. Prior to BUT he held a number of senior positions at Kingfisher plc, including Chief Operating Officer for B&Q.
In addition, Bruno Cremel will step down as Managing Director of Darty France by mutual agreement, leaving the business at the end of May 2013, after a hand over process with Régis.
Commenting on the appointment, Chairman Alan Parker said:
"I am delighted to welcome Régis to Darty as our new Chief Executive, completing the renewal of our Board. He brings with him both a passion for, and extensive experience in, European retailing. The Board and I look forward to working with him on our plans - 'Nouvelle Confiance' - to restore shareholder value by eliminating losses at our non-core businesses, increasing profitability in our core businesses from our market leadership and developing future growth initiatives, and by improving efficiencies in the cost base.
"I would like to thank Bruno for his contribution and the initiatives he has taken to lay the foundations for our new plans and the development of the Darty brand in France."
Régis Schultz said:
"Darty is one of Europe's leading retailers and I am very pleased to be given the opportunity to lead the Group at this important time. I am looking forward to working closely with Alan and all my new colleagues at Darty to build on its strong foundations as a leading cross-channel retailer."
There is no further information to be disclosed on Régis Schultz under paragraph 9.6.13 of the Listing Rules of the UK Listing Authority.
Simon Ward +44 (0) 20 7269 1400
+44 (0) 20 7251 3801
Anne-France Malrieu +33 1 53 70 74 66/+33 6 89 87 61 18
Caroline Simon +33 1 53 70 74 65/+33 6 89 87 61 24
About Darty plc
Darty group is a leading cross channel service led electrical retailer operating nearly 500 stores in nine European countries and achieving 11% of its products sales on the web. With more than 16,500 people, it generated an annual turnover of over €4 billion in 2011/12 through three operating segments: Darty (France), Other established businesses (which consists of Vanden Borre in Belgium, BCC in the Netherlands, and Datart in the Czech Republic and Slovakia), and Developing businesses (which consist of Darty Italy, Darty Spain and Darty Turkey). Its ordinary shares are listed with the UK Listing Authority and trade on the market for listed securities on the London Stock Exchange under the symbol DRTY.L. It is also listed on the Premier Marche of the Paris Stock Exchange.
For further information, please visit the company's website, www.dartygroup.com.
An overview of Régis Schultz's career to date:
2008 - present Chief Executive, BUT
2000 - 2008 Kingfisher plc
Sales Director and then Chief Operating Officer, B&Q, UK (2006-2008)
Chief Finance Officer, B&Q, UK (2005-2006)
Head of Strategy and Development, Kingfisher plc, UK (2005)
Deputy General Manager, Castorama, France (2002-2004)
Chief Financial Officer, Castorama, France (2001-2002)
1997 - 2000 Chief Financial Officer, Pernod Ricard, CSA Pampryl
1993 - 1997 Financial Controller, Orangina International
Summary of Régis Schultz's remuneration:
Régis's remuneration package includes a basic salary of £500,000 per annum. He will be eligible to receive a discretionary and non-pensionable cash performance bonus up to a maximum of 125 per cent per annum. Any bonus earned will be paid as to 50 per cent in cash and 50 per cent in shares, with the vesting of shares to be deferred for a period of three years, and subject to claw back.
To compensate him for the loss of annual bonus and long term incentives as a result of leaving his current employer, he will receive a one off award of shares equivalent to his starting salary. These shares will vest in full after three years, subject to the achievement of an increase in the share price based on a straight line from 30 per cent vesting at 70 pence to 100 per cent vesting at 150 pence. He will also be eligible to participate in the existing LTIP scheme.
A minimum personal shareholding is required to the equivalent of his base salary to be built up by year three, including the value of any shares received from vested share awards. As soon as legally possible on joining, he will acquire the equivalent of at least £200,000 worth of shares.
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