Doncaster-based DFS Furniture plc announced that chief financial officer John Fallon has will not stand for re-election at the company’s AGM on November 22, 2024, and will step down from the board at the end of that meeting.

“The DFS Group has started an external search for John Fallon’s replacement,” said the company.

“John, who joined the group in November 2022, will remain with the group as the chief financial officer, throughout the remainder of the first half period, to ensure an orderly hand over, before leaving the business in mid-January 2025.”

DFS chair Steve Johnson said: “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.”

DFS Furniture CEO Tim Stacey 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.

Fallon 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.”