DFS chief financial officer to step down

Retailer of living room and upholstered furniture DFS has announced that chief financial officer John Fallon is set to step down from his role. 

Fallon has said that he will not stand for re-election at the company’s AGM on 22 November. He will remain as CFO throughout the remainder of the first half period, to ensure a smooth handover, before leaving the business in mid-January 2025. 

He said: “The DFS Group is a great business, with many exciting opportunities ahead – and I am sure that the business will make the most of those opportunities in the years ahead.  I’ve enjoyed my time with the group but now is the right time to start thinking about my next executive role. In the meantime, I am looking forward to continuing to work with the team through the Christmas trading period.”

The retailer has now started the search for his replacement. 

Tim Stacey, group chief executive, said: “John has made an important contribution over the past two years – and will leave the DFS Group in a strong position.  I’ve appreciated his support and input as we have navigated some challenging macro-economic times and wish him great success in the next step of his career.”

Steve Johnson, chair, added: “I’d like to express our thanks to John for his contribution as CFO.  During his time with us, he has helped navigate the DFS Group through a challenging period and leaves a resilient business, well placed to grow. He has been an asset to the Board and we wish him all the best as he considers his next executive role.”