21 December 2020

Card Factory plc

("Card Factory" or the "Company")

Appointment of Chief Executive Officer

Card Factory, the UK's leading specialist retailer of greeting cards and complementary products, is pleased to announce the appointment of Darcy Willson-Rymer as Chief Executive Officer.

Darcy will join Card Factory from Costcutter Supermarkets, where he has served as CEO for the last eight years. During his time at Costcutter, Darcy successfully steered a nationwide multi-site owned and franchised convenience retail business through a period of significant change, including the development of a new operating model, introduction of a data and insights led business growth programme that realised a 20% sales uplift, and led the brand transformation of Costcutter. 

Prior to this, Darcy was CEO of Clinton Cards plc from 2011 to 2012.  Before joining Clinton Cards, Darcy held a range of roles in international branded businesses, including Managing Director (UK & Ireland) of Starbucks Coffee Company; and senior roles at Yum Restaurants International, including Operations Director of KFC Great Britain; and Director of Operations and Franchise, Europe, KFC and Pizza Hut.  

Darcy will join the Company on 8 March 2021, following expiry of his notice period.  Paul Moody's appointment as Executive Chairman will end when Darcy joins the business, at which time Paul will revert to his role as non-executive Chairman.

Paul Moody, Executive Chairman, commented:

"I am delighted to announce that Darcy is joining Card Factory as our CEO.  Darcy has excellent credentials and experience to lead Card Factory through the next phase of our evolution and to continue to lead the implementation of the refreshed strategy.  He has experienced successfully leading a complex, multi-site retail business in Costcutter, held senior positions in two customer service-centred global branded businesses in Starbucks and Yum, in particular, where he led a business with an operating model encompassing both owned and franchised units.  Darcy brings highly relevant knowledge and experience that will hugely benefit Card Factory." 

Darcy Willson-Rymer, CEO commented:

"As a long-standing admirer of Card Factory, I am thrilled to be able to lead the business through the next phase of its growth journey. Working with the team at Card Factory, my ambition is to unlock the true potential of the business by delivering its transformation strategy in the UK and internationally."

This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of the Company is Ciaran Stone, General Counsel & Company Secretary.

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Notes:

Darcy Willson-Rymer will receive an annual salary of £450,000, a cash payment in lieu of employer pension contributions of 3% of salary above the lower earnings limit (currently £6,240 per annum), which is aligned with the pension allowance for the workforce, and a company car allowance of £23,000 p.a.  Darcy will participate in the annual bonus scheme up to a maximum participation of 125% of salary and will be entitled to restricted share awards under the Company's Long Term Incentive Plan with an annual award of up to a maximum of 87.5% of salary.

These remuneration arrangements are consistent with the remuneration policy and in line with standard company terms and conditions.

Save for the following, there are no further details that are required to be disclosed in respect of the appointments under LR 9.6.13 of the Listing Rules of the Financial Conduct Authority:

·      Darcy joined Clinton Cards plc as CEO on 10 October 2011, with a specific brief to seek to address the financial position of the company and its subsidiaries and to develop a turnaround plan.  However, it was not possible to realise the turnaround of the Clintons business, resulting in administrators being appointed to Clintons Cards plc on 9 May 2012.