Stuart Rose has resigned as Chief Executive of Iceland Group plc to take up a new position as Chief Executive of Arcadia Group plc. Malcolm Walker, Iceland’s Executive Chairman, has resumed his former responsibilities as Chief Executive with immediate effect.

Charles Wilson, an executive Director of Iceland Group, has also given notice of his resignation and his intention to join Arcadia Group. However, he will continue in his present role as Managing Director of Iceland’s Booker subsidiary and will remain with the business until the end of March 2001, to help ensure the delivery of the promised cost savings and trading synergies from the Iceland Booker merger, and to facilitate a smooth management succession.

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Malcolm Walker commented: ‘We are naturally disappointed that Stuart and Charles have decided to leave us to pursue this new opportunity, but Iceland and Booker have strong management in depth and I am sure that both businesses will continue to prosper. My own personal commitment to the success of the Group remains as strong as it has been throughout the last 30 years.

‘All our experience since the merger has confirmed both the strategic logic of the deal and the scale of the opportunities it presents us. The cross-business teams we established to capture the cost savings and synergy benefits are operating as planned, and the outlook for the enlarged Group remains positive. I continue to view the future with confidence and enthusiasm.’

ENQUIRIES:

Iceland Group
Malcolm C. Walker CBE, Chairman & Chief Executive 01244 830100
Andrew Pritchard, Group Finance Director 01244 830100

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