Dixons Store Group (DSG) is losing its long-serving chief executive John Clare.

Clare will leave the firm after the annual general meeting on 5 September. He is retiring after 22 years with the retailer, which included 13 as its chief executive.

When Clare took over as chief exec in 1994 the main brands were PC World and The Link. In 1997 he oversaw the launch of internet service provider Freeserve.

The board said it had a procedure in place to find a replacement and that an announcement could be expected shortly.

DSG chairman Sir John Collins said: "On behalf of the board, I thank John for the significant contribution he has made to DSG international, in particular in overseeing the group's development as Europe's leading specialist electrical retailer.

The DSG statement is here. ®