Home Retail Group announced today that its chief executive, Terry Duddy, has informed the board of his intention to step down from the role by the next AGM on July 2 next year.
Mr Duddy, 57, has been with the parent company of Homebase, Argos and Habitat for 15 years and has been ceo since 2006. He was chief executive at Argos in 1998 and prior to that, held the role of managing director of PC World and Dixons.

While he was at the helm, Home Retail Group has expanded following the purchase of 27 ex-Focus DIY stores in 2007 and the acquisition of the Habitat arm of the business in 2011.

The search for Mr Duddy's successor will be lead by Home Retail Group's chairman, John Coombe, and it will include both internal and external candidates.

Mr 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. 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."

Mr Duddy added that "it's been a great privilege to lead this group for 15 years". He said: "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."