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Home Retail Group: John Walden To Step Down Upon Completion Of Acquisition

Home Retail Group plc (HMRLF.PK,HOME.L) announced that John Walden, its Chief Executive, will be stepping down from the leadership role of the Group and its principal business, Argos, upon completion of the proposed acquisition of the Group by J Sainsbury plc. The transaction is currently expected to complete in the third quarter of the calendar year.

John Walden said: "The acquisition of the Group by Sainsbury's, together with the recent sale of the Homebase business, presents the opportunity for me to reassess the next stage in my career. I have huge affection for both Argos and the Group, so it is with mixed emotions that I will be stepping down from my role to pursue new career opportunities once the acquisition completes."

John joined the Group in February 2012. He was promoted to Chief Executive of the Group in March 2014.

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