Furniture group’s chairman to step down

FURNITURE group chairman DFS is looking for a new chairman after Richard Baker announced his plans to step down from the board next spring.

Mr Baker has been chairman since July 2010, and oversaw the company’s IPO in 2015.

The Doncaster-based group will formally drop out of the FTSE 250 next week after its share price fell heavily in the wake of the EU referendum. Its closing price of 222p on Friday was 25% below its June 23 close, and 36% below its year-high.

Senior independent director Luke Mayhew is leading the recruitment process for the new chairman, while an exact date for Mr Baker’s departure will be confirmed “in due course”.

Mr Baker said: “It will be two years from DFS’s IPO next spring and it will be a good time to pass on the baton of chairing this great British company.

“The transition to a public company has been successful; DFS has an experienced Board and a strong management team.”

DFS chief executive Ian Filby added: “Through his strong leadership and deep retail sector experience Richard has contributed significantly to the Group’s development and growth over the last six years.”