Yahoo Finance DFS boss steps aside after eight years
The boss of furniture seller DFS will stand down in November after eight years at the helm.
Ian Filby, who led the retailer through its March 2015 IPO, will be replaced by the company’s chief operating officer Tim Stacey. The pair previously worked together at Alliance Boots, where Mr Filby was trading director and Mr Stacey was responsible for ecommerce.
DFS has continued to grow despite the woes engulfing the high street. Profits fell by more than half to £7m in the 26 weeks to January 27 but that was partly due to the cost of acquiring upmarket rival Sofology, which helped it grow revenues 4.3pc to £396m in the same period.
It has had a rocky time on the stock market, however, with its shares rising from its 255p float price to 332p by the end of 2015, but falling as low as 172p in recent months.
Mr Filby will continue to work for DFS as part-time chairman of Sofology until October 2019, taking charge of integrating the two businesses.
He will also become chairman of retailer Joules from August 1, replacing Neil McCausland, who is finishing a five-year term.
Ian Durrant, chairman, said Mr Filby had done a “superb job” leading DFS, adding that he had “strengthened its position as the UK's leading upholstery retailer, broadened its customer appeal through brand acquisitions and partnerships, and created excellent prospects for long-term growth.”
Mr Stacey, a one-time auditor at KPMG, said he was “confident that we have many exciting opportunities to drive our business forward."
