Home Retail Group Chief Executive Terry Duddy has announced he is to step down from the role in July 2014.
Duddy, who has been Chief Executive for seven years, said it had been a great privilege to lead the group. He added: “We have achieved a great deal in that time and the positive momentum of the business is now such that I feel the time is right to move onto the next stage in my career.
“We have built a great management team and I look forward to continue working with them during the coming year to progress the exciting strategies that we have established for both businesses.”
Duddy was first appointed chief executive of Argos Retail Group in 2000 and went on to lead the firm when it was renamed Home Retail Group in 2006.
Chairman of Home Retail Group John Coombe said: “Terry is one of the longest serving Chief Executives in the industry and he has provided strong leadership during one of the toughest periods of economic uncertainty faced by the business. As a result of the Group‘s exceptional cash generation in recent years, we have the financial strength to support both Argos and Homebase in delivering their strategic plans.
“The Group has a strong management team in place and we are delighted that Terry will continue to lead the Group as we manage the orderly appointment of his successor.”
The search for his successor will be led by Coombe and will include both internal and external candidates.