Home Retail Group chairman Oliver Stocken is to step down as chairman and is to be replaced by John Coombe.

Stocken, who has been at Home Retail Group for 12 years, will exit on July 4. Prior to its demerger, Stocken was a non-executive director at GUS.

He said: “It has been a privilege to be associated with these businesses and the great people that work in them.”

Coombe is current senior independent director of Home Retail Group, which operates Argos and Homebase. He is also non-executive director of HSBC Holdings and chairman of business travel provider Hogg Robinson Group.

He was formerly chief financial officer of GlaxoSmithKline.

As a result of Coombe’s appointment, BskyB chief operating officer Mike Darcey will become senior independent director.

Home Retail Group chief executive Terry Duddy said: “We are extremely grateful to Oliver for the significant contribution that he has made to our businesses over many years.  He has been exemplary in his leadership of the Home Retail Group Board and an outstanding ambassador for the company.”