DFS Furniture CEO Ian Filby to retire

British retailer DFS Furniture said on Tuesday its Chief Executive Officer Ian Filby will retire after eight years at the helm and will be succeeded by Chief Operating Officer Tim Stacey.

Filby’s retirement comes at a time when DFS Furniture, after reporting a fall in first-half sales in February, cautioned that its market would remain tough in 2018. 

Filby will step down as CEO and from the board on Oct. 31 and Stacey will take over on Nov. 1, the company said.

Filby was at the helm when the company acquired upmarket rival Sofology and will continue to work for DFS as part-time chairman of Sofology until October 2019, taking charge of integrating the two businesses. 

He will also become chairman of retailer Joules from August 1, replacing Neil McCausland, who is finishing a five-year term.

DFS Furniture profits fell by more than half to £7m in the 26 weeks to January 27, hurt by the acquisition costs of Sofology. However, the new brand helped DFS grow revenues 4.3pc to £396m in the same period.

Additional reporting by Benjamin Fitzgerald