Bill Barnes leaving DFS Furniture at end of August

The FTSE 250 firm said Barnes will remain an employee of the company until 31 August.

It confirmed he has not and will not receive any loss of office payments, and that his outstanding share incentive benefits will be treated in accordance with the rules of the applicable plans and will remain subject to the terms contained therein.

“Bill Barnes will be eligible to receive a bonus for the 2016 Financial Year subject to an assessment of the performance targets,” DFS’ board said in a statement.

“The Remuneration Committee determined to treat Bill Barnes as a 'good leaver' and that Long Term Incentive Plan awards granted in March and October 2015 will vest on their original vesting date to the extent that the performance conditions are met.

“His awards will be time prorated proportionately to his actual period of service,” it added.

The board explained that Barnes’ outstanding options held under the all-employee sharesave may be exercised in accordance with the rules of the plan, and that he is contractually entitled to a payment in lieu of holiday accrued but not taken by 31 August.

At the same time, DFS Furniture confirmed a previous announcement that Nicola Bancroft - currently commercial finance director - will be appointed as chief financial officer and as an executive director with effect from 1 August.