Home Retail Group begins search for new chief executiveSep 06, 2013
Mr Duddy pictured has been at the helm of the Central Milton Keynes-based parent company of retailers Argos and Homebase for 15 years.
He will step down by July next year.
Home Retail Group chairman 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.”
Mr Duddy said: “It has been a great privilege to lead this group for 15 years, including the last seven as the chief executive of Home Retail Group plc.
"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 on to 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.”
Mr Coombe said the search for Mr Duddy’s replacement would include both internal and external candidates.