The boss of Argos and Homebase owner Home Retail Group today stood down after 15 years at the company.
Terry Duddy said he will leave the group by the time of its AGM next July, with Argos’ managing director John Walden seen as his most likely successor.
Duddy was chief executive of Argos when Home Retail’s predecessor, GUS, snapped up the retailer in 1998. He later became chief executive of Home Retail in 2006.
“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,” the 57-year-old said.
Home Retail has overhauled Argos and Homebase following years of underperformance. Recent signs have been positive. Both retailers have been hit by the economic downturn while Argos has been under pressure from competitors like Tesco and Amazon.
The company said the search for its next chief executive will be led by chairman John Coombe and will include internal and external candidates. Analysts said Walden will be under pressure to deliver strong results at Argos over the festive period if he is to beat off rivals for the job.