City shock as John Browett exits Dunelm helm

John Browett, the veteran retailer who was fired from Apple after just six months, is heading for the exit at retailer Dunelm.

The homeware chain’s chairman, former easyJet and Whitbread chief executive Andy Harrison, will take over running the retail group until a successor is found. Shares today fell 3% to 579.5p.

Dunelm said Browett had made good progress over the past two years — buying online furniture arm WorldStores — but it was time for a change in leadership.

Shares in Dunelm have fallen by 37% since Browett became chief executive in January 2016 but annual results due next month will show an improved trading performance in the first two months of the new financial year, the retailer said.

Browett also counts senior roles at Tesco, Dixons and Monsoon on his CV but lost his job running Apple retail after making lay-offs.

N+1 Singer analyst Matthew McEachran said that today’s share-price fall created a potential buying opportunity for investors.