Doncaster-based DFS Furniture plc announced that John Fallon will be appointed as an executive director and chief financial officer (CFO) of the firm, joining the board on November 14.
“John joins DFS Group from Asda, where he most recently served as Group CFO and played a key role in the recent change of ownership,” said DFS.
“During his successful Asda career, spanning more than 20 years, he has gained strong retail experience across a broad range of roles, including Commercial Finance Director, Group Financial Controller and Internal Audit Director.”
Blackburn-based billionaire brothers Mohsin and Zuber Issa and private equity firm TDR Capital completed the £6.8 billion acquisition of a majority ownership stake in Asda from Walmart Inc. in 2021.
Walmart retains an equity investment in Asda, with an ongoing commercial relationship and a seat on the board.
DFS Furniture chairman Steve Johnson said: “I am delighted that John has agreed to join DFS as Group CFO.
“His previous roles in retail will bring valuable experience and insight to the board. I look forward to working closely with John over the next few years.”
DFS Furniture CEO Tim Stacey said “We are really excited to welcome John to our group.
“He is a fantastic addition to our leadership team and brings a wealth of retail experience, leadership skills and energy to the group.”
Fallon said: “I’m excited to be joining the DFS Group at this important time.
“I’m not only looking forward to working closely with Tim and the board, but also the wider leadership teams in helping the company deliver on its strategy for growth and its vision to lead furniture retailing in the digital age.”
DFS added: “John will be paid as follows in accordance with the Company’s Directors’ Remuneration Policy approved by shareholders and as set out in the Company’s Annual Report:
“On appointment, John will receive a basic annual salary, pension and benefit provision in line with the Company’s approved remuneration policy.
“In addition, and also consistent with the remuneration policy, he will participate in the DFS Annual Bonus Scheme and the Long Term Incentive Plan.
“Full details of John Fallon’s remuneration will be disclosed in the Company’s Directors’ Remuneration Report for the year ending June 2023.”